EUR/CHF Technical Analysis: Risks breaking below a multi-week ascending trend-line support
|• The cross came under some renewed selling pressure on Thursday and dropped to test ascending trend-line support, extending from Jan. 8th.
• A sustained weakness below 200-hour SMA was seen as a key trigger for bearish traders and behind the pair's sharp intraday slide of over 50-pips.
• Technical indicators on the 1-hourly chart are already pointing to oversold conditions and warrant some near-term consolidation before any further downfall.
• Meanwhile, oscillators on 4-hourly/daily charts have just started gaining negative momentum and support prospects for an eventual bearish breakdown.
• A sustained weakness below the mentioned trend-line support will reaffirm the bearish outlook and accelerate the fall further towards the 1.1300 handle.
EUR/CHF 1-hourly chart
EUR/CHF
Overview:
Today Last Price: 1.1341
Today Daily change %: -0.39%
Today Daily Open: 1.1385
Trends:
Daily SMA20: 1.137
Daily SMA50: 1.1324
Daily SMA100: 1.1345
Daily SMA200: 1.1407
Levels:
Previous Daily High: 1.1396
Previous Daily Low: 1.1352
Previous Weekly High: 1.1374
Previous Weekly Low: 1.1329
Previous Monthly High: 1.143
Previous Monthly Low: 1.1183
Daily Fibonacci 38.2%: 1.1368
Daily Fibonacci 61.8%: 1.1379
Daily Pivot Point S1: 1.1359
Daily Pivot Point S2: 1.1333
Daily Pivot Point S3: 1.1315
Daily Pivot Point R1: 1.1403
Daily Pivot Point R2: 1.1421
Daily Pivot Point R3: 1.1447
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