EUR/CHF trades in one-month highs near the 1.0800 mark – Commerzbank

EUR/CHF trades with no changes at 1.0760 as is flirting with the 1.0769 mid-June high. If the pair breaks above the 1.08 level as well as the January 6 and 13 highs at 1.0832 and 1.0860, respectively, EUR/CHF would target the June high at 1.0915, per Commerzbank.

Key quotes

“EUR/CHF once more flirts with the 1.0769 mid-June high, having recently run out of steam slightly below the 1.0800 mark. Above it sits the January 6 and 13 highs at 1.0832 and 1.0860.” 

“A daily chart close above the next higher 1.0915 June high would target the 1.1058 October 2019 high. Above it meanders the 200 week moving average at 1.1138. Support below 1.0769 comes in at the 1.0711/09 March and June 23 highs and also at the 1.0699 June 30 high.”

“Below the current July low and the 78.6% Fibonacci retracement at 1.0607/1.0593 lies the 1.0577 May 25 low which guards the 1.0509/05 April and May lows (not favoured).”