FXStreet (Edinburgh) - Axel Rudolph, Senior Technical Analyst at Commerzbank, underlines the weakness surrounding the cross.
“EUR/CHF trades in multi-year lows and has so far dropped to an August low at 1.2072, a slip through which will have the late December 2012 low at 1.2064 in its sights”.
“Below it lies the November 2012 low at 1.2030 which is expected to hold. If not, the major psychological 1.2000 mark could be revisited”.
“Minor resistance now comes in around the previous August low at 1.2087 Friday low. Further resistance can be found at 1.2122/33. It is where the mid-March and July lows were made”.
“While trading below there, immediate downside pressure will be maintained”.