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.

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