EUR/CHF Technical Analysis: Risks breaking below a multi-week ascending trend-line support

Haresh Menghani FXStreet

• The cross came under some renewed selling pressure on Thursday and dropped to test ascending trend-line support, extending from Jan. 8th.

• A sustained weakness below 200-hour SMA was seen as a key trigger for bearish traders and behind the pair's sharp intraday slide of over 50-pips.

• Technical indicators on the 1-hourly chart are already pointing to oversold conditions and warrant some near-term consolidation before any further downfall.

• Meanwhile, oscillators on 4-hourly/daily charts have just started gaining negative momentum and support prospects for an eventual bearish breakdown.

• A sustained weakness below the mentioned trend-line support will reaffirm the bearish outlook and accelerate the fall further towards the 1.1300 handle.

EUR/CHF 1-hourly chart

EUR/CHF

Overview:
    Today Last Price: 1.1341
    Today Daily change %: -0.39%
    Today Daily Open: 1.1385
Trends:
    Daily SMA20: 1.137
    Daily SMA50: 1.1324
    Daily SMA100: 1.1345
    Daily SMA200: 1.1407
Levels:
    Previous Daily High: 1.1396
    Previous Daily Low: 1.1352
    Previous Weekly High: 1.1374
    Previous Weekly Low: 1.1329
    Previous Monthly High: 1.143
    Previous Monthly Low: 1.1183
    Daily Fibonacci 38.2%: 1.1368
    Daily Fibonacci 61.8%: 1.1379
    Daily Pivot Point S1: 1.1359
    Daily Pivot Point S2: 1.1333
    Daily Pivot Point S3: 1.1315
    Daily Pivot Point R1: 1.1403
    Daily Pivot Point R2: 1.1421
    Daily Pivot Point R3: 1.1447

Author

Haresh Menghani

FXStreet

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

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.