The EUR/CHF reached a high of 1.6187 in September before slipping to a low of 1.4299 on 10/27, and the lack of risk appetite continues to favors a bullish outlook for the Swiss franc.
Currency Pair: EUR/CHF Chart: 60 Min Charts Short-Term Bias: Bearish
Analysis
The EUR/CHF reached a high of 1.6187 in September before slipping to a low of 1.4299 on 10/27, and the lack of risk appetite continues to favors a bullish outlook for the Swiss franc. Last week, we saw the pair bounce back from its lows in October to break above the 38.2% Fib retracement level, but it looks to be running out of steam, and should continue to hold below the 50.0% Fib level. The lack of momentum suggests that the pair will cross below the 120 SMA over the next few hours, and we may see the pair work its way towards the October lows again over the week. Be sure to check out other Technical Reports from DailyFX for additional information on the major currency pairs.
To contact the author of this article, please email: dsong@fxcm.com
Related Articles:
A Short-Term USDCHF Range Arises As Major Trends Clash
Australian and New Zealand Dollars Testing Resistance