EUR/CHF Price Analysis: 1.07 is the level to beat for the bulls


  • EUR/CHF holds above the 50-day simple moving average support. 
  • A move above 1.07 is needed to invalidate the bearish signs on the weekly chart.

EUR/CHF is holding above the 50-day simple moving average (SMA) support. However, for the outlook to turn bullish, the pair needs to establish a strong foothold above 1.07. 

At press time, the currency pair is trading at 1.0638 and the ascending or bullish 50-day SMA is located at 1.0632. 

Indeed, the daily chart is reporting a bullish cross of the 50- and 100-day SMAs. The MA studies, however, are backward-looking and unreliable. A more credible sign of bullish breakout would be a move above 1.07. 

That would invalidate the buyer exhaustion signaled by the upper wicks attached to the current and the previous weekly candles and open the doors for a re-test of resistance of a two-year-long descending trendline, currently at 1.0841. 

On the downside, the 100-day SMA located at 1.0608 is key support, which, if breached, would shift the focus to 1.0503 (May low). 

Weekly chart

Trend: Neutral

Technical levels

EUR/CHF

Overview
Today last price 1.0639
Today Daily Change -0.0003
Today Daily Change % -0.03
Today daily open 1.0642
 
Trends
Daily SMA20 1.0714
Daily SMA50 1.0632
Daily SMA100 1.0612
Daily SMA200 1.0751
 
Levels
Previous Daily High 1.0699
Previous Daily Low 1.0631
Previous Weekly High 1.0712
Previous Weekly Low 1.0628
Previous Monthly High 1.0915
Previous Monthly Low 1.0628
Daily Fibonacci 38.2% 1.0657
Daily Fibonacci 61.8% 1.0673
Daily Pivot Point S1 1.0616
Daily Pivot Point S2 1.059
Daily Pivot Point S3 1.0548
Daily Pivot Point R1 1.0683
Daily Pivot Point R2 1.0725
Daily Pivot Point R3 1.0751

 

 

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