EURCHF is failing to boost the upside direction in the very short-term as the price is standing within the Ichimoku cloud. The RSI is falling below the 50 level while the MACD is still holding above the trigger line. Moreover, the 20- and 40-period simple moving averages (SMAs) are moving sideways near the current market price.
Should the pair manage to strengthen its positive momentum, the next resistance could come around the 1.0747 hurdle ahead of a rally towards the 200-period SMA at 1.0757. Above this area, the next target could come at 1.0763 and the 1.0800 round number.
However, if prices are unable to break 1.0730 in the next few sessions, the risk would shift back to the downside, with the minor ascending line at 1.0705 coming into focus. More declines could take the pair at 1.0700 before reaching the three-month low of 1.0687.
Summarizing, EURCHF has been hovering within a slightly upside pattern with significant resistance the 1.0747 over the last couple of weeks.
