EUR/CHF Price Analysis: Attempting corrective bounce amid oversold conditions


  • EUR/CHF is looking oversold, as per key daily chart indicator. 
  • The hourly chart is reporting a triangle breakout. 
  • A corrective bounce to the 5-day average hurdle could be in the offing. 

EUR/CHF is looking to regain some poise from three-year lows reached on Wednesday.

The pair is currently trading at 1.0775, representing marginal gains on the day, having hit a low of 1.0742 yesterday. That was the lowest level since April 2017.

The bounce could be extended further, as the 14-day relative strength index (RSI) is hovering well below 30 for the first time since August 2018, indicating extreme oversold conditions.

Further, the hourly chart shows a descending triangle breakout and a bullish divergence of the relative strength index.

The pair could challenge the 5-day average hurdle at 1.0777.

Daily chart

Hourly chart

Trend: Corrective bounce likely

Technical levels

EUR/CHF

Overview
Today last price 1.0756
Today Daily Change 0.0008
Today Daily Change % 0.07
Today daily open 1.0748
 
Trends
Daily SMA20 1.0847
Daily SMA50 1.0913
Daily SMA100 1.093
Daily SMA200 1.1041
 
Levels
Previous Daily High 1.0778
Previous Daily Low 1.0742
Previous Weekly High 1.0862
Previous Weekly Low 1.0782
Previous Monthly High 1.1044
Previous Monthly Low 1.0838
Daily Fibonacci 38.2% 1.0755
Daily Fibonacci 61.8% 1.0764
Daily Pivot Point S1 1.0734
Daily Pivot Point S2 1.072
Daily Pivot Point S3 1.0698
Daily Pivot Point R1 1.077
Daily Pivot Point R2 1.0792
Daily Pivot Point R3 1.0806

 

 

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