EUR/CHF Price Analysis: Bulls jostle with 1.0700 to refresh weekly top


  • 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

Trend: Bullish

Additional important levels

Overview
Today last price 1.0693
Today Daily Change -1 pip
Today Daily Change % -0.01%
Today daily open 1.0694
 
Trends
Daily SMA20 1.072
Daily SMA50 1.063
Daily SMA100 1.0612
Daily SMA200 1.0753
 
Levels
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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