EUR/CHF Price Analysis: Risks remains skewed to downside amid bearish technical set up


  • EUR/CHF remains on the offers for the third straight day.
  • Risks further falls amid likely bull pennant on the hourly chart.
  • Hourly RSI points south while within the bearish region.

EUR/CHF remains on the back foot on Tuesday, extending its bearish streak into a third straight day.

The bulls are likely to see no reprieve, as the technical set up remains in favor of the bears in the near-term.

The spot has charted a potential bull pennant on the hourly sticks, which is a bearish continuation pattern.

Therefore, a break below the rising trendline support at 1.0785 will validate the pattern, opening floors for a test of 1.0775, the confluence of Monday’s low and the critical 200-hourly Simple Moving Average (HMA).

The next downside target is aligned at 1.0750, the psychological level to beat for the bears.

The hourly Relative Strength Index (RSI) points south while trending below the midline, pointing to more losses ahead.

On the flip side, buyers need to seek a sustained break above 1.0792, where the 21-HMA coincides with the rising trendline resistance.

Further north, the bearish 50-HMA at 1.0797 could challenge the bulls’ commitment.

EUR/CHF: Hourly chart

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EUR/CHF: Additional levels

EUR/CHF

Overview
Today last price 1.0787
Today Daily Change -0.0001
Today Daily Change % -0.01
Today daily open 1.0789
 
Trends
Daily SMA20 1.0785
Daily SMA50 1.0773
Daily SMA100 1.0721
Daily SMA200 1.0685
 
Levels
Previous Daily High 1.083
Previous Daily Low 1.0774
Previous Weekly High 1.0821
Previous Weekly Low 1.074
Previous Monthly High 1.085
Previous Monthly Low 1.0722
Daily Fibonacci 38.2% 1.0795
Daily Fibonacci 61.8% 1.0809
Daily Pivot Point S1 1.0765
Daily Pivot Point S2 1.0741
Daily Pivot Point S3 1.0709
Daily Pivot Point R1 1.0821
Daily Pivot Point R2 1.0854
Daily Pivot Point R3 1.0878

 

 

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