Thu, May 06, 2021 @ 01:33 GMT
Home Contributors Technical Analysis EURCHF Fluctuates in Neutral Phase Below 1.11

EURCHF Fluctuates in Neutral Phase Below 1.11

EURCHF has been trading in a horizontal trajectory over the last month, struggling within the short-term simple moving averages (SMAs) in the 4-hour chart. The RSI is holding marginally above the 50 level, however, the stochastic posted a bearish crossover within its %K and %D lines, suggesting a downside movement.

A drop beneath the Ichimoku cloud could drive the pair towards the 1.1035 support, which overlaps with the 200-period SMA ahead of the 1.1000 psychological level. Beneath these obstacles, a downside phase may start, hitting 1.0955.

Alternatively, an upside movement could meet the 1.1110-1.1117 resistance area, while even higher, the bulls could drive the price until the 21-month high of 1.1150 and the 1.1170 barrier, registered in June 2019.

Briefly, EURCHF is in a neutral mode in the short-term and only a decisive close above the multi-month high may shift the outlook back to bullish.

XM is a fully regulated next-generation financial services provider of online trading on currency exchange, commodities, equity indices, precious metals and energies, with services to clients from over 196 countries worldwide. Founded in 2009 by market experts with extensive knowledge of the global forex and capital markets and with the aim to ensure fair and reliable trading conditions for every client, XM has reached international recognition by virtue of its unbeatable execution of orders, spreads as low as zero pips on over 50 currency pairs, gold and silver, flexible leverage up to 888:1, and personalized customer engagement to foster clients’ success.

Featured Analysis

Learn Forex Trading