Technical analysts at Commerzbank note that the single currency managed to overcome resistance at 1.3070 trading versus Swiss franc.

In their view, the pair EUR/USD is now likely to rise to the 200-day MA at 1.3348. Then, euro may fall to the 1.3447 level representing 23.6% Fibonacci retracement of the decline from the 2007 peak.

The specialists claim that bearish pressure will be constrained by the 6-week uptrend at 1.2942.



Chart. Daily EUR/CHF

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