- EUR/CHF looks to test key support on the 4H chart.
- Technical set up suggests the gains will be short-lived.
- Upside attempts appear capped near 1.0635.
EUR/CHF is holding lower ground just above the 1.0600 level heading into the European open, with risks tilted to the downside in the near-term, as suggested by the technical set up.
On the four-hour (4H) chart, the cross remains set to challenge the key falling trendline support at 1.0591 in the near-term, as it wavers in a month-long falling wedge formation.
The Relative Strength Index (RSI) on 4H points downwards while lying below the 50.00 level, in the bearish territory. This indicator further indicates a return of the sellers.
The price could, however, manage to defend the powerful support and bounce back towards a healthy resistance zone around 1.0635, where the 21 and 50-4H Simple Moving Averages (SMA) intersect.
Further north, 1.0650 (falling trendline resistance/ 100-4H SMA) will challenge the bull’s commitment and acceptance above the latter will validate the pattern, calling for an extensive rally towards the 200-4H SMA at 1.0692.
EUR/CHF 4-hour chart
EUR/CHF additional levels
|Today last price||1.0612|
|Today Daily Change||0.0005|
|Today Daily Change %||0.05|
|Today daily open||1.061|
|Previous Daily High||1.0648|
|Previous Daily Low||1.0608|
|Previous Weekly High||1.0699|
|Previous Weekly Low||1.0612|
|Previous Monthly High||1.0915|
|Previous Monthly Low||1.0628|
|Daily Fibonacci 38.2%||1.0623|
|Daily Fibonacci 61.8%||1.0633|
|Daily Pivot Point S1||1.0596|
|Daily Pivot Point S2||1.0583|
|Daily Pivot Point S3||1.0557|
|Daily Pivot Point R1||1.0635|
|Daily Pivot Point R2||1.0661|
|Daily Pivot Point R3||1.0674|
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