- EUR/CHF struggles to extend the upside break of three-week-old falling trend line.
- 50% Fibonacci retracement, 200-day SMA are on the buyers’ watchlist.
- Sellers may not risk entries unless breaking 50-day SMA.
- Normal RSI conditions, sustained bounce from key SMA signal further upside.
EUR/CHF takes rounds to 1.0690 while heading into the European session on Tuesday. In doing so, the pair seesaws around weekly top following its successful break of a trend line stretched since June 09. Though, buyers seem to lose upside momentum strength near the 1.0700 threshold.
Other than the 1.0700 psychological magnet, 50% Fibonacci retracement level of May-June upside, at 1.0710, also questions the pair’s further upside. Additionally, 200-day SMA near 1.0750 acts as an extra resistance for the pair traders to watch.
In a case where the bulls dominate past-1.0750, 1.0770 and 1.0820 might act as buffers before targeting a fresh monthly high beyond the present one around 1.0915.
On the contrary, 61.8% Fibonacci retracement level of 1.0660 can offer the closest support during the pair’s fresh weakness, a break of which will highlight the resistance-turned-support line, at 1.0650, followed by 50-day SMA level of 1.0633.
Given the pair’s extra fall past-1.0633, the May 25 low near 1.0575 could lure the bears.
EUR/CHF daily chart
Additional important levels
|Today last price||1.0693|
|Today Daily Change||-1 pip|
|Today Daily Change %||-0.01%|
|Today daily open||1.0694|
|Previous Daily High||1.0696|
|Previous Daily Low||1.0635|
|Previous Weekly High||1.0712|
|Previous Weekly Low||1.0628|
|Previous Monthly High||1.0726|
|Previous Monthly Low||1.0505|
|Daily Fibonacci 38.2%||1.0673|
|Daily Fibonacci 61.8%||1.0658|
|Daily Pivot Point S1||1.0654|
|Daily Pivot Point S2||1.0614|
|Daily Pivot Point S3||1.0592|
|Daily Pivot Point R1||1.0715|
|Daily Pivot Point R2||1.0736|
|Daily Pivot Point R3||1.0776|
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