EUR/CHF Price Analysis: Treads water around 1.0800 inside a two-week-old rising channel
|- EUR/CHF struggles to keep bounces off 1.0780/75 support confluence.
- 100 and 20-bar SMAs join the support line of short-term ascending trend channel to bar the bears’ entries.
- Multiple highs below the 1.0900 threshold challenge bulls.
- Bearish MACD, normal RSI suggest a continuation of the sluggish moves.
EUR/CHF seesaws around 1.0800 during the pre-European trading on Thursday. The pair pulled back from a joint of 100 and 200-bar SMA, as well as a support line of an upward sloping trend channel from September 17. However, failures to stay strong beyond 1.0800 keep the sellers hopeful.
Even so, the pair’s sustained trading below 1.0780/75 key support area becomes necessary for the bears to take entries.
Following that, 1.0745 and the September month’s low surrounding 1.0725 can lure the EUR/CHF sellers.
On the flip side, 1.0820 and a falling trend line from September 08, near 1.0830, can probe the buyers ahead of highlighting the mentioned channel’s resistance, at 1.0843 now.
During the quote’s further upside past-1.0843, September month’s high close to 1.0880, followed by the 1.09000 round-figure, may attract EUR/CHF bids.
EUR/CHF four-hour chart
Trend: Sideways
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