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12 Jul 2013
EUR/CHF tests uptrend support
FXstreet.com (Barcelona) - Having been capped overnight at 1.2400, EUR/CHF largely ranged overnight and has seen selling pressure develop as we start to approach the US open.
EUR/CHF breaking lower?
The pair has been part of a longer term triangle formation, with an uptrend stretching back to the monthly low at 1.2277 on July 3rd 2013 and downtrend resistance from the monthly high at 1.2466.on July 9th 2013. A morning of soft-to-in-line economic data has not held too much effect on sentiment, but with volume declining as spot approached the final quarter of the triangle formation, a test of either the up or downside channel was expected. Overnight the tests had been to the upper channel. but the 1.2400 round number and daily pivot point at 1.2411 held back advances.. Presently, EUR/CHF spot is finding support on the uptrend line at 1.2384.
EUR/CHF looks technically bearish
Looking at the FXstreet.com trend Index, we can see that the pair is slightly bearish and support can be found at 1.2360, 1.2316 and 1.2265, with resistance ahead at 1.2411, 1.2455, 1.2506. Hourly stochastics show spot approaching oversold territory at 27 while RSI is move content to range at 43. Further the lower two standard deviation band lies just below price action at 1.2381.
EUR/CHF breaking lower?
The pair has been part of a longer term triangle formation, with an uptrend stretching back to the monthly low at 1.2277 on July 3rd 2013 and downtrend resistance from the monthly high at 1.2466.on July 9th 2013. A morning of soft-to-in-line economic data has not held too much effect on sentiment, but with volume declining as spot approached the final quarter of the triangle formation, a test of either the up or downside channel was expected. Overnight the tests had been to the upper channel. but the 1.2400 round number and daily pivot point at 1.2411 held back advances.. Presently, EUR/CHF spot is finding support on the uptrend line at 1.2384.
EUR/CHF looks technically bearish
Looking at the FXstreet.com trend Index, we can see that the pair is slightly bearish and support can be found at 1.2360, 1.2316 and 1.2265, with resistance ahead at 1.2411, 1.2455, 1.2506. Hourly stochastics show spot approaching oversold territory at 27 while RSI is move content to range at 43. Further the lower two standard deviation band lies just below price action at 1.2381.