EUR/CHF Price Analysis: Carves out an inverse head-and-shoulders on 4H

EUR/CHF needs to clear the hurdle at 1.0707 to confirm breakout.
Rejection at that level could invite stronger selling pressure.

Omkar Godbole FXStreet Contributor

EUR/CHF has created an inverse head-and-shoulders pattern with resistance at 1.0707, as seen on the 4-hour chart.

Acceptance above the resistance would confirm breakout or bearish-to-bullish trend change and open the doors to 1.0746.

A move to that level would confirm an upside break of the trendline falling from Sept. 28 and Oct. 8 high and bolster the bullish outlook.

However, if the inverse head-and-shoulders hurdle proves a tough nut to crack, fresh selling toward 1.0668 may be seen.

4-hour chart

Trend: Bullish above 1.0707

Technical levels

EUR/CHF

Overview
Today last price	1.0704
Today Daily Change	0.0005
Today Daily Change %	0.05
Today daily open	1.0699

Trends
Daily SMA20	1.0728
Daily SMA50	1.076
Daily SMA100	1.0739
Daily SMA200	1.0677

Levels
Previous Daily High	1.0705
Previous Daily Low	1.0672
Previous Weekly High	1.0748
Previous Weekly Low	1.0672
Previous Monthly High	1.0806
Previous Monthly Low	1.0672
Daily Fibonacci 38.2%	1.0693
Daily Fibonacci 61.8%	1.0685
Daily Pivot Point S1	1.0679
Daily Pivot Point S2	1.0658
Daily Pivot Point S3	1.0645
Daily Pivot Point R1	1.0712
Daily Pivot Point R2	1.0726
Daily Pivot Point R3	1.0746

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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