EUR/CHF Price Analysis: Bears set to test 1.0590 key support


  • 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

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EUR/CHF additional levels

EUR/CHF

Overview
Today last price 1.0612
Today Daily Change 0.0005
Today Daily Change % 0.05
Today daily open 1.061
 
Trends
Daily SMA20 1.066
Daily SMA50 1.0644
Daily SMA100 1.0612
Daily SMA200 1.0743
 
Levels
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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