EUR/CHF Price Analysis: Extends Wednesday’s pullback from 12-week top towards 1.0800
- EUR/CHF takes offers for the second consecutive day, refreshes intraday low.
- Two-week-old ascending trend line offers immediate support, bulls need a closing break beyond nearly six-month-long resistance line.
EUR/CHF declines to 1.0815, down 0.09% intraday, ahead of Thursday’s European session. The pair surged to the highest since September 01 the previous day, before reversing from 1.0871.
In doing so, the quote marks sustained trading, on a daily closing basis, below the falling trend line from June 05, which in turn joins likely easing of RSI to keep the sellers hopeful.
As a result, an upward sloping trend line from November 12, at 1.0800 now, becomes the immediate support to watch for the EUR/CHF sellers. Though, a confluence of 100-day and 50-day SMA around 1.0765/60 can challenge the bears afterward.
Should there be additional weakness past-1.0760, the 200-day SMA level near 1.0685 becomes the key to watch.
Alternatively, a daily closing beyond the stated resistance line, around 1.0845, needs to refresh the multi-day high of 1.0871 to target the yearly top of 1.0915.
EUR/CHF daily chart
Trend: Pullback expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
