EUR/CHF – Selling pressure is still on
The EUR/CHF on the 4-hour time frame has been following a downtrend recently. The price broke below 1.08500 on 13 August to register the lowest level of period under study at 1.08351. Bears are pushing the price lower as key technical indicators are supporting the bearish trend. The price action in the EUR/CHF is mainly driven by the recent strength in the CHF. As of writing, the price is hovering around 1.08680 with negative MACD and price below 200 period simple moving average.
The 4-hour chart of the EUR/CHF confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is below the 200-period Simple Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/CHF. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 1.09590. Bulls must break this level in order to regain bullish sentiment in the market.
The 4-hour chart of the EUR/CHF confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators Analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is below the 200-period Simple Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/CHF. RSI (Relative Strength Index) showing values below 50 which supports the bearish sentiment.
In alternative scenario, key resistance level lies at 1.09590. Bulls must break this level in order to regain bullish sentiment in the market.
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