EUR/CHF: Under pressure, eyes losses to the 1.0629 November low – Commerzbank

EUR/CHF is back under pressure. The pair sold off on Monday and is set to decline as low as the November low of 1.0629, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Negative below the 1.0907 2008-2021 downtrend

“EUR/CHF again sold off yesterday and attention is on the 1.0701 recent low.”

“The market has recently failed on a test of the 1.0907, the 2008-2021 downtrend and this leaves the market longer-term still under pressure.”

“We look for losses to the mid-October low at 1.0700/1.0689. Further down sits the 1.0629 November low and there is also the 78.6% retracement at 1.0643. We look for the market to hold in this vicinity.”