EUR/CHF Price Analysis: 200-day EMA restricts immediate downside

EUR/CHF prints 0.05% gains while portraying another bounce off 200-day EMA during the early Thursday. The pair currently trades near 1.0755, which in turn rejects the previous day’s downside momentum while keeping the lower high formation intact.

Despite the pair’s repeated recovery moves from 200-day EMA, its failure to cross 1.0800 joins hands with the lower high pattern since last Thursday and bearish MACD to favor the sellers.

As a result, a daily closing past-200-day EMA level of 1.0743 becomes the bears’ entry-point while targeting 1.0713/10 horizontal support-zone that including June 23 high and July 24 low.

Also acting as the key downside support will be an ascending trend line from May 14, at 1.0665 now.

Alternatively, the pair’s upside momentum needs to clear the 1.0800 mark before attacking a bit broader trend line resistance near 1.0810.

Though, a clear run-up past-1.0810 enables the bulls to challenge the monthly top near 1.0840 while targeting June month’s peak of 1.0915.

EUR/CHF daily chart

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Reprinted from Fxstreet，the copyright all reserved by the original author.