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.
