Comments and forex-analytics from FBS Brokerage Company - page 68
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Commerzbank: comments on EUR/CHF and USD/CHF
Technical analysts at Commerzbank believe that the longer-term outlook for EUR/CHF remains positive: the pair is on its way up to 1.2346/1.2400 (December 2010 and March 2011 minimums and June 2011 peak). Then euro will advance to the 55-week at 1.2668 and then to this year's maximum at 1.3245. In their view, the recent decline of the single currency from August 29 maximum at 1.1971 to minimums in the 1.1000 was only a correction.
As for the pair USD/CHF, for the outlook to become bullish the greenback has to break above the 50% Fibonacci retracement from December 2010 maximums at 0.8567 and June maximums at 0.8575. US dollar will be supported at 0.8375, 0.8250/40 and the top of the previous trading channel at 0.8200.