EUR/CHF Price Analysis: Steps back from 100-HMA as MACD flirts with bears

EUR/CHF eases from intraday high of 1.0726, rises for the second consecutive day.
MACD conditions, multiple upside barriers direct sellers to a two-day-old support line.

Anil Panchal FXStreet

EUR/CHF drops to 1.0723 during Monday’s Asian session. Even so, the Euro pair manages to print 0.06% intraday gains while stepping back from the day’s high.

The pair’s latest declines could be cited as a U-turn from 100-HMA amid downbeat MACD histogram signals.

As a result, the quote is likely to extend the latest weakness towards testing an ascending trend line from Thursday, at 1.0718 now.

Though, a downside break of 1.0718 will not only challenge the 1.0700 threshold but will also direct the EUR/CHF bears towards the monthly low near 1.0685.

On the flip side, a falling trend line from last Wednesday, at 1.0730 now, follows the 100-HMA level of 1.0725 immediate resistance.

It’s worth mentioning that the 200-HMA level of 1.0750 and October 12 high near 1.0775 will lure the EUR/CHF buyers past-1.0725.

EUR/CHF hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	1.0723
Today Daily Change	6 pips
Today Daily Change %	0.06%
Today daily open	1.0717

Trends
Daily SMA20	1.0771
Daily SMA50	1.0772
Daily SMA100	1.0745
Daily SMA200	1.0679

Levels
Previous Daily High	1.073
Previous Daily Low	1.0701
Previous Weekly High	1.0774
Previous Weekly Low	1.0688
Previous Monthly High	1.0878
Previous Monthly Low	1.0727
Daily Fibonacci 38.2%	1.0719
Daily Fibonacci 61.8%	1.0712
Daily Pivot Point S1	1.0702
Daily Pivot Point S2	1.0687
Daily Pivot Point S3	1.0673
Daily Pivot Point R1	1.0731
Daily Pivot Point R2	1.0745
Daily Pivot Point R3	1.076

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.

EUR/USD challenges 1.1800, two-week lows

EUR/USD remains on the defensive, extending its leg lower to the vicinity of the 1.1800 region, or two-week lows, on Tuesday. The move lower comes as the US Dollar gathers further traction ahead of key US data releases, inclusing the FOMC Minutes, on Wednesday.

GBP/USD looks weaker near 1.3500

GBP/USD adds to Monday’s pessimism and puts the 1.3500 support to the test on Tuesday. Cable’s marked pullback comes in response to extra gains in the Greenback while disappointing UK jobs data also collaborate with the offered bias around the British Pound.

Gold recovers modestly, stays deep in red below $4,950

Gold (XAU/USD) stages a rebound but remains deep in negative territory below $4,950 after touching its weakest level in over a week near $4,850 earlier in the day. Renewed US Dollar strength makes it difficult for XAU/USD to gather recovery momentum despite the risk-averse market atmosphere.

Crypto Today: Bitcoin, Ethereum, XRP upside looks limited amid deteriorating retail demand

The cryptocurrency market extends weakness with major coins including Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trading in sideways price action at the time of writing on Tuesday.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.