The common European currency has appreciated about 1.21% in value against the Swiss Franc since November 14. The currency pair tested the upper boundary of a descending channel pattern at 1.0997 during yesterday’s trading session.
As for the near future, the EUR/CHF will likely edge lower in the shorter term. The potential target for bearish traders would be near a psychological level at the 1.0900 area.
However, a support cluster formed by the 50– period simple moving average and the weekly pivot point at 1.0934 could provide support for the currency exchange rate during the following trading sessions.