EUR/CHF Price Analysis: Testing support at the 100-DMA, at 1.0610
- EUR/CHF’s retreat from 1.0915 highs finds support at the 100-DMA at 1.0610.
- Upside attempts remain capped below the 50-day MA at 1.0637.
- Below 1.0610 next support levels are 1.0575 and long-term lows at 1.0505.
The euro is trading sideways on Friday, consolidating losses after a 2.5% sell-off in the last four weeks, that has sent the pair to test support at the 100-day moving average, now at 1.0610. The euro is attempting to pick up from session lows at 1.0618, but the move is lacking momentum amid a moderate risk-of sentiment and remains capped below the 50-day SMA, at 106.35.
On the upside, the euro should extend gains above the mentioned 50-day MA, at 1.0637 to gain some bullish strength and attempt to extend towards 1.0700/10 (June 23, 30 highs) and then June 16 high at 1.0770.
On the downside, the pair has found support at the 100-DMA at 1.0610. Below there, bears would gain confidence pushing the pair further south, aiming towards 1.0575 (May 20, 25 low) on the way to long-term lows at 1.0505 (May 14 low).
EUR/CHF daily chart
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EUR/CHF key levels to watch
Author
Guillermo Alcala
FXStreet
Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.
