EUR/CHF Price Analysis: Recovers ground post-ECB’s decision but remains bearish

EUR/CHF rebounds from a daily low of 0.9456 to trade at 0.9491, up 0.17%.
Resistance awaits at the October 17 high of 0.9533, followed by 50-DMA at 0.9585.
Support is seen at 0.9450, with further floors at the October 20 low of 0.9417 and September 26 low of 0.9403.

Christian Borjon Valencia FXStreet

EUR/CHF jumped from daily lows of around 0.9456 after the European Central Bank (ECB) decided to hold rates, initially tumbling the pair. Nevertheless, the cross paired its losses late in the North American session and climbed 0.17%, trading at 0.9491.

The daily chat portrays the pair as downward biased, though the ongoing upward correction will face a solid resistance level at the October 17 swing high at 0.9533, which, if cleared, could pave the way for the cross to test the 50-day moving average (DMA) at 0.9585. A breach of the latter, and the psychological 0.9600 figure, would be up next.

On the other hand, and the path of least resistance, the EUR/CHF first support is seen at 0.9450. If the pair slips past that level, the next floor would be the October 20 low of 0.9417, ahead of the September 26, 2022 low of 0.9403.

EUR/CHF Price Action - Daily chart

EUR/CHF Technical Level

EUR/CHF

Overview
Today last price	0.9495
Today Daily Change	0.0019
Today Daily Change %	0.20
Today daily open	0.9476

Trends
Daily SMA20	0.9556
Daily SMA50	0.9571
Daily SMA100	0.9627
Daily SMA200	0.9744

Levels
Previous Daily High	0.9489
Previous Daily Low	0.9456
Previous Weekly High	0.9534
Previous Weekly Low	0.9418
Previous Monthly High	0.9694
Previous Monthly Low	0.9521
Daily Fibonacci 38.2%	0.9477
Daily Fibonacci 61.8%	0.9469
Daily Pivot Point S1	0.9458
Daily Pivot Point S2	0.944
Daily Pivot Point S3	0.9425
Daily Pivot Point R1	0.9492
Daily Pivot Point R2	0.9507
Daily Pivot Point R3	0.9525

Author

Christian Borjon Valencia

FXStreet

Markets analyst, news editor, and trading instructor with over 14 years of experience across FX, commodities, US equity indices, and global macro markets.

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