EUR/CHF Price Analysis: Closing on Wednesday's low

EUR/CHF's daily chart shows signs of indecision in the market.
A close below Wednesday's low would imply a bearish breakdown.

Omkar Godbole FXStreet Contributor

EUR/CHF trades on a weak footing on Thursday, having faced rejections above 1.0820 in the previous two trading days.

The pair is currently trading within a touching distance of Wednesday's low of 1.0782. Acceptance below that level would mean the market indecision, as represented by long wicks attached to Wednesday's candle, has ended with a bearish breakdown. As such, a deeper decline toward the 50-day simple moving average (SMA) at 1.0751 will likely follow.

On the higher side, a close above Wednesday's high of $1.0825 would shift the focus back to the descending channel breakout confirmed on Nov. 9 and open the doors for a stronger rally.

Daily chart

Trend: Bearish

Technical levels

EUR/CHF

Overview
Today last price	1.0784
Today Daily Change	-0.0016
Today Daily Change %	-0.15
Today daily open	1.08

Trends
Daily SMA20	1.072
Daily SMA50	1.0755
Daily SMA100	1.0744
Daily SMA200	1.0679

Levels
Previous Daily High	1.0824
Previous Daily Low	1.0782
Previous Weekly High	1.0727
Previous Weekly Low	1.0661
Previous Monthly High	1.0806
Previous Monthly Low	1.0672
Daily Fibonacci 38.2%	1.0798
Daily Fibonacci 61.8%	1.0808
Daily Pivot Point S1	1.078
Daily Pivot Point S2	1.076
Daily Pivot Point S3	1.0738
Daily Pivot Point R1	1.0823
Daily Pivot Point R2	1.0845
Daily Pivot Point R3	1.0865

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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