EUR/CHF ends 3-day recovery and drops toward 1.0800

Matías Salord FXStreet

EUR/CHF dropped sharply after the Brexit referendum results last week and since Monday it moved with a modest upside bias, until today that broke a short-term uptrend line and fell toward the 1.0800 region.

Under pressure

The pair managed to rise back above 1.0700 after the Brexit shock and yesterday it approached 1.0900 but the really found resistance and pulled back. A few hours ago it started to decline and accelerated the movement, erasing yesterday’s gains.

Recently it printed a fresh 2-day low at 1.0808 and it was trading around 1.0810/15, holding a bearish tone amid a stronger Swiss franc across the board. The Swissy was showing resilience in the market despite rising equity prices.

EUR/CHF technical levels

To the downside, support levels might lie at 1.0800 (psychological), 1.0765 (June 28 low) and 1.0715 (June 15 low). On the opposite direction, resistance could be seen at 1.0865 (20-hour moving average / Asian session low), 1.0899/1.0900 (June 29 & 30 high) and 1.0925 (June 13 high).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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