EURCHF’s consolidation is adopting a slightly more bearish demeanour on the four-hour chart as the price is challenging the 50-period simple moving average (SMA) and the Ichimoku cloud on the downside. The SMAs overall are emanating a growing negative tilt in the pair.
The directionless Ichimoku lines are not indicating any clear price direction, while the short-term oscillators are leaning to the downside. The MACD is trailing below its red trigger line, slightly beneath the zero threshold, while the RSI is declining below the 50 level. The stochastic oscillator has become bearish, endorsing additional negative price action.
If sellers clearly steer below the 50-period SMA at 1.1015 and the cloud’s lower surface, the dive in the pair could initially stall at the 1.0992 nearby low. Should selling interest intensify, the support foundation of 1.0955-1.0974 could prove to be a difficult boundary to overcome.
Otherwise, if buyers re-emerge and drive the price higher, a cluster of resistance obstacles could act from the blue Kijun-sen line until the 1.1063 high, an area that contains the capping 100- and 200-period SMAs at 1.1037 and 1.1051, respectively. Gaining positive momentum, the price may propel to the 1.1087 barrier before buyers challenge the ceiling of the sideways market between 1.1100 and 1.1118.
Summarizing, EURCHF remains mainly neutral with a bearish temperament, however, the pair would need to break either below 1.0955 or above 1.1118 for a clear price direction to unfold.