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Euro & US Dollar Consolidate vs Swiss Franc- EUR/CHF, USD/CHF Price Analysis

Euro & US Dollar Consolidate vs Swiss Franc- EUR/CHF, USD/CHF Price Analysis

2019-11-18 15:00:00
Mahmoud Alkudsi, Analyst

EUR/CHF & USD/CHF Technical Forecast

Did you check our latest forecasts on USD and EUR and Gold? Find out more for free from our Q4 forecasts for commodities and main currencies

USD/CHF, EUR/CHF Price Action

On Oct 3, USD/CHF rallied its highest level in five months at 1.0028, then the price slipped in to a trendless move creating lower highs with higher lows. In turn, on Oct 17 EUR/CHF rallied to 1.1059, then failed to overtake this level two weeks after.

Last week, the Relative Strength Index (RSI) remained flat nearby 50 on both pairs, highlighting the lack of momentum from buyers or sellers to lead the price in a clear direction at this stage.

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USD/CHF Daily Price Chart (DEC 8, 2017 – NOV 18, 2019) Zoomed Out

USDCHF price daily chart 18-11-19 Zoomed out

USD/CHF Daily Price Chart (AUG 24 – NOV 18, 2019) Zoomed IN

USDCHF price daily chart 18-11-19 Zoomed in

Looking at daily chart, we notice on Wednesday USD/CHF broke below 50-day average then declined to a lower trading zone 0.9860 – 0.9930, eying a test of the low end of the zone. Hence, a close below 0.9852 could send the pair towards 0.9758.

In that scenario, the price would face the neckline of head and shoulders pattern. This suggests if USDCHF breaks and remains below 0.9840, it could swing lower towards 0.9639. Even so, the weekly support levels and area marked on the chart (zoomed in) should be kept in focus.

On the flip-side, a close above the high end of the zone i.e. above 0.9930 could see USD/CHF pushing towards the vicinity of 1.0008-15. Nevertheless, the weekly resistance area underscored on the chart should be considered.

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EUR/CHF Daily Price Chart (Oct 10, 2017 – Nov 18, 2019) Zoomed Out

EURCHF price daily chart 18-11-19 Zoomed out

EUR/CHF Daily Price Chart (June 11 – Nov 18, 2019) Zoomed IN

EURCHF price daily chart 18-11-19 Zoomed in

Looking at the daily chart, we notice on Monday EUR/CHF broke below the neckline of double top pattern then pressed towards 1.0900 handle, as discussed in our last update.

On the following day, USDCHF broke below 50-day average then declined to a lower trading zone 1.0832 – 1.0950. Yet, the price U-turned on Thursday towards the high end. Therefore, a close above 1.0960 could mean more sideways move as the pair may push towards 1.1001.

Further close above this level might cause a rally towards the vicinity of 1.1057-63. Having said that, the daily and weekly resistance levels marked on the chart would be worth monitoring.

On the other hand, any failure in closing above the high end could reverse the price’s direction towards the low end of the aforementioned zone. Although, the daily and weekly support levels underlined on the chart should e watched closely.

Join Me on Friday, Nov 22 at 14:00 GMT. In this session we will talk about most common Continuation patterns and how to trade them.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

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