Saturday, July 2, 2011

Commerzbank: some optimism about EUR/CHF

The single currency rebounded from the record minimums in the 1.1800 area overcoming the 55-day MA and 3-month downtrend resistance line.

Technical analysts at Commerzbank note that the bearish pressure on EUR/CHF has eased. In their view, the pair’s chances to break above pivot point at 1.2400 – December 2010 and the March 2011 minimum – have gone up due to the strong divergence of the daily RSI.

According to the bank, the bulls look quite determined and may try to reverse the downtrend.

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daily eurchf 17-32