The common European currency has appreciated about 1.70% in value against the Swiss Franc since September 5 after the currency pair reversed from a support cluster formed by the weekly S2 and the monthly S1 at 1.0807.
The exchange rate is currently testing a resistance level set by the weekly R1 at 1.1013.
If the resistance line holds, a decline towards the 50– period simple moving average at 1.0952 could occur in the short term.
On the other hand, if the currency exchange rate passes the weekly R1, as mentioned above, bulls could drive the price towards the weekly R2 at 1.1098 during the following trading sessions.
