EUR/CHF could move further to the downside if the wedge pattern is broken

EUR/CHF trades 0.15% lower as global risk appetite shifts lower.
The price is also stuck between two key moving averages at the moment.

Rajan Dhall, MSTA FX Daily

EUR/CHF 4-hour chart

EUR and CHF have both underperformed against the USD on Wednesday but CHF has held up better than most as it is a safe haven currency. In the battle of the safe-haven currencies CHF has even outperformed the JPY this session.

The pair is still not to close to the wave low at 1.0639 but if it does break then the trend might continue to the downside for the long haul. Right now the price is struggling between the 55 and 200 moving averages. A break in either direction could be pivotal in helping us work out the future trajectory of this pair.

On the bearish side, the MACD looks like the histogram might cross to the downside and the signal lines are already there which is already bearish signal. There is also a black upward sloping trendline on the chart and a break would add to the bearish checklist. Conversely on the upside, if the wedge pattern is broken then there could be a retest of the highs but at the moment it seems the more unlikely scenario.

Additional levels

EUR/CHF

Overview
Today last price	1.0669
Today Daily Change	-0.0016
Today Daily Change %	-0.15
Today daily open	1.0685

Trends
Daily SMA20	1.0724
Daily SMA50	1.0619
Daily SMA100	1.0614
Daily SMA200	1.0758

Levels
Previous Daily High	1.0712
Previous Daily Low	1.0661
Previous Weekly High	1.0769
Previous Weekly Low	1.0636
Previous Monthly High	1.0726
Previous Monthly Low	1.0505
Daily Fibonacci 38.2%	1.0692
Daily Fibonacci 61.8%	1.068
Daily Pivot Point S1	1.066
Daily Pivot Point S2	1.0635
Daily Pivot Point S3	1.0609
Daily Pivot Point R1	1.0711
Daily Pivot Point R2	1.0737
Daily Pivot Point R3	1.0762

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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