EUR/CHF charts a key day reversal, implying a rise towards the 1.1152 March high – Commerzbank

EUR/CHF has charted a key day reversal. The pair is now seen marching forward to the 1.1075 level, then the March high at 1.1152, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Bullish while above 2020-2021 uptrend at 1.0899

“EUR/CHF charted a key day reversal yesterday, just ahead of the 1.0915 June 2020 high and the 1.0899 6-month uptrend. We look for this to hold the downside, the key day reversal implies that yesterday's low at 1.0927 is likely to be an interim low.” 

“A close above the 1.1075, the end of April high will target the 1.1151/52 March high and 200-week ma. A close above here is needed to confirm another leg higher is underway and target the 50% retracement of the entire move down from the 2018 peak at 1.1255.” 

“Longer-term, we target 1.1325.”