Technical Analysis – EURCHF struggles to strengthen positive move
EURCHF is looking neutral in the short-term, hovering within the short-term simple moving averages (SMAs) and the 1.0360 support level. The bullish doji candle that was posted in the previous sessions, is suggesting an upside reversal move that will be completed if the pair climbs above 1.0510.
Regarding the technical indicators, the RSI is holding near the 50 level with steady momentum, while the MACD is surpassing its trigger line below the zero level. The red Tenkan-sen line is standing below the blue Kijun-sen line, suggesting a negative bias.
If the pair overcomes the 20- and 40-day SMAs, the next target could be the 1.0440 barrier before resting around the 1.0510 high, achieved on January 11. Even higher, the 1.0600 psychological mark and the 200-day SMA at 1.0700 could add some optimism for a bullish outlook.
On the flip side, if there is a move below the 1.0360 key level, sellers could meet again the six-and-a-half-year low of 1.0298. Steeper downside moves could take the price towards the 1.0230 support, taken from the bottom on April 2015.
To conclude, the long-term outlook is bearish and only an aggressive advance above the 200-day SMA may change this view.Latest News
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