EUR/CHF Price Analysis: Downside favored after Monday’s bearish inverted hammer

EUR/CHF looks south after creating an inverted hammer on Monday.
The pair risks falling to the immediate support located at 1.0712.

Omkar Godbole FXStreet Contributor

The path of least resistance for EUR/CHF appears to be on the downside.

On Monday, the pair faced rejection at 1.0793 and ended with marginal losses at 1.0746, forming an inverted bearish hammer candle and validating or confirming the buyer exhaustion signaled by the repeated bull failure at 1.0838 seen over the past two weeks.

Put simply, Monday’s inverted hammer has titled the bias in favor of the bears, opening the doors for a decline to the July 24 low of 1.0712.

The daily chart slow stochastic indicator is also reporting bearish conditions with a below-50 print.

A close above 1.0793 is needed to invalidate the bearish outlook.

Daily chart

Trend: Bearish

Technical levels

EUR/CHF

Overview
Today last price	1.0752
Today Daily Change	0.0004
Today Daily Change %	0.04
Today daily open	1.0748

Trends
Daily SMA20	1.0761
Daily SMA50	1.072
Daily SMA100	1.0644
Daily SMA200	1.0716

Levels
Previous Daily High	1.0793
Previous Daily Low	1.0746
Previous Weekly High	1.0839
Previous Weekly Low	1.074
Previous Monthly High	1.0838
Previous Monthly Low	1.0606
Daily Fibonacci 38.2%	1.0764
Daily Fibonacci 61.8%	1.0775
Daily Pivot Point S1	1.0732
Daily Pivot Point S2	1.0716
Daily Pivot Point S3	1.0685
Daily Pivot Point R1	1.0778
Daily Pivot Point R2	1.0809
Daily Pivot Point R3	1.0825

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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