- 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
EUR/CHF: Additional levels
|Today last price||1.0787|
|Today Daily Change||-0.0001|
|Today Daily Change %||-0.01|
|Today daily open||1.0789|
|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|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.