You are here: Home > articles > Forex > Technical Analysis – EURCHF on the retreat as rebound falters
Technical Analysis – EURCHF on the retreat as rebound falters
June 6, 2023 2:31 pmVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
EURCHF had been in a steady downtrend since its latest rebound got rejected just shy of the parity level in late March. Even though the pair attempted a recovery after bouncing off the seven-month low of 0.9670, its advance got rejected at 0.9761, which has held its ground multiple times in the past few months.
The momentum indicators currently suggest that bearish forces are holding the upper hand. Specifically, the RSI is flatlining below its 50-neutral mark, while the stochastic oscillator is descending after posting a bearish cross.
If the price extends its retreat, the seven-month low of 0.9670 could act as the first line of defence. Should that barricade fail, the spotlight could turn to 0.9642 before the August low of 0.9551 comes under examination. A violation of the latter may open the door for the September 2022 support of 0.9530.
Alternatively, should the decline falter and the price reverse upwards, the bulls could attack the crucial 0.9703 zone. Surpassing that region, the price could challenge the 0.9762 resistance, which has repeatedly repelled any upside attempts. Even higher, the pair could ascend towards 0.9848 or higher to test the April resistance of 0.9879.
Overall, EURCHF seems ready to extend its structure of lower lows after the completion of a death cross between the 50-day simple moving average (SMA) and the 200-day SMA. Nevertheless, a jump above 0.9761 could trigger some buying interest.
Related Posts: