EUR/CHF: Sell the rallies circa 1.1300/12 – Commerzbank

Analysts at Commerzbank offer key technical levels for trading the EUR/CHF cross heading into the ECB decision due later today.

Key Quotes:

“EUR/CHF continues to recover near term. We have a TD perfected set up on the daily chart - and the market is correcting higher. We would expect the rally to struggle circa 1.1300/12 (50% retracement and the 11th February low).

While capped by 1.1312, downside risks remain for losses potentially to the 55-month and 200-week moving averages at 1.1135/23. Unexpected failure there would open the way for the 4 year uptrend at 1.1090 to be reached.

Minor resistance can be seen at the 1.1260/71 late January low and Fibo and then 1.1312 the 11th February low.”