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Euro Price: EUR/CHF, EUR/JPY – Uptrend at a Crossroads as Reversal Nears

Euro Price: EUR/CHF, EUR/JPY – Uptrend at a Crossroads as Reversal Nears

2019-10-29 14:30:00
Mahmoud Alkudsi, Market Analyst
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EUR /JPY and EUR/CHF Technical Analysis

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EUR/CHF, EURJPY – Stalled Uptrend Move

On Oct 15, EUR/JPY rallied and broke above the 120.00 Handle. Later, on Oct 21 the pair created a higher high at 121.47. Similarly, EUR/CHF created on Oct 17 a higher high at 1.1059. Since then, both pairs have not been able to rally further, indicating to buyer’s hesitation at this stage.

This week, the Relative Strength Index (RSI) remained flat above 50 on both pairs, reflecting a weakening uptrend momentum.

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EUR/JPY Daily PRICE CHART (Mar 20, 2017 – Oct 29, 2019) Zoomed Out

EURJPY price daily chart 29-10-19 Zoomed out

EUR/JPY Daily Price CHART (AUG 1 – Oct 29, 2019) Zoomed in

EURJPY price daily chart 29-10-19 Zoomed in

Looking at the daily chart, we notice on Oct 15, EUR/JPY rallied to a higher trading zone 119.78 -121.25. Since then, the pair failed in multiple occasions to move to a higher zone.

Hence, the price could be on its way for a test of the low end of the zone. Further close below the low end may see EURJPY correcting lower towards 117.30. Although, the daily and weekly support levels underlined on the chart (zoomed in) should be monitored.

That said, any successful close above the high end of the zone could resume bullish price action towards 122.52. Further close above this level may send EURJPY towards 124.40. Nevertheless, the weekly resistance levels underscored on the chart should be kept in focus.

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EUR/CHF Daily PRICE CHART (AUG 20, 2017– Oct 29, 2019) Zoomed Out

EURCHF price daily chart 29-10-19 Zoomed out

EUR/CHF Daily PRice CHART (May 28 – Oct 29, 2019) Zoomed In

EURCHF price daily chart 29-10-19 Zoomed in

From the daily chart, we notice on Oct 23 EUR/CHF rallied to a higher trading zone 1.1001 – 1.1057. Yesterday, the price could not rally to a higher trading zone as rebounded nearby the high end of the zone.Thus, the pair may press towards the low end of the zone.

Further close below the low end could open the door for EURCHF to correct lower towards the vicinity of 1.0960-50. In that scenario, if the price breaks and remains below the neckline of double top pattern located at 1.0974, this suggests more bearishness towards 1.0888.

Having said that, any successful close in the different direction i.e. above the high end of the zone, may resume bullish price action towards 1.1190. However, the weekly resistance areas marked on the chart should be watched closely.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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