EUR/CHF Technical Analysis: Bears challenging multi-week ascending trend-line/38.2% Fibo. confluence support

Haresh Menghani FXStreet

• The cross came under some renewed selling pressure at the start of a new trading week and is currently placed at a short-term ascending trend-line support, extending from lows set on Jan. 8th.

• Technical indicators on the daily chart have been losing positive momentum and drifted into the negative territory on hourly charts, supporting prospects for an eventual bearish breakdown.

• The mentioned support coincides with 38.2% Fibonacci retracement level of the 1.1172-1.1444 upsurge and should act as a key trigger for the pair’s near-term trajectory in either direction.

• A sustained weakness below the 1.1330-25 region will confirm a near-term bearish breakdown and accelerate the fall towards challenging 50% Fibo. level support near the 1.1300 handle.

• On the flip side, a decisive strength beyond the 1.1365-70 region might negate the bearish outlook and prompt some short-covering move back towards reclaiming the 1.1400 round figure mark.

EUR/CHF 4-hourly chart

EUR/CHF

Overview:
    Today Last Price: 1.1342
    Today Daily change %: -0.11%
    Today Daily Open: 1.1354
Trends:
    Daily SMA20: 1.1366
    Daily SMA50: 1.1326
    Daily SMA100: 1.1342
    Daily SMA200: 1.1405
Levels:
    Previous Daily High: 1.1372
    Previous Daily Low: 1.1336
    Previous Weekly High: 1.1396
    Previous Weekly Low: 1.1329
    Previous Monthly High: 1.1446
    Previous Monthly Low: 1.1309
    Daily Fibonacci 38.2%: 1.1349
    Daily Fibonacci 61.8%: 1.1358
    Daily Pivot Point S1: 1.1336
    Daily Pivot Point S2: 1.1318
    Daily Pivot Point S3: 1.13
    Daily Pivot Point R1: 1.1372
    Daily Pivot Point R2: 1.139
    Daily Pivot Point R3: 1.1408

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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