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.
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
Author
Christian Borjon Valencia
FXStreet
Christian Borjon began his career as a retail trader in 2010, mainly focused on technical analysis and strategies around it. He started as a swing trader, as he used to work in another industry unrelated to the financial markets.
