Technical Update - EURCHF and USDCHF Rebounds Stalling, Could Resume Downtrend – Find Key Levels Here Technical Update - EURCHF and USDCHF Rebounds Stalling, Could Resume Downtrend – Find Key Levels Here Technical Update - EURCHF and USDCHF Rebounds Stalling, Could Resume Downtrend – Find Key Levels Here

Technical Update - EURCHF and USDCHF Rebounds Stalling, Could Resume Downtrend – Find Key Levels Here

Forex 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

EURCHF’s strong rebound seems to be stalling just below the resistance at around 0.9610 and below both the 55 and 200 daily moving averages.

Unless EURCHF can close above 0.9610 thereby extending the rebound, a correction lower is in the cards. A correction that could take EURCHF back down to around 0.93 area.

Strength indicator RSI is showing negative sentiment with no divergence indicating EURCHF could very well resume downtrend.

An RSI close above 60 is required to reverse that

Source all charts: Saxo Group

USDCHF rebound move has been rejected at the key resistance at around 0.8730. Down trend is likely to resume.

Negative sentiment on RSI with no divergence suggesting USDCHF could experience a sell-off down to around 0.85

A daily close above 0.8750 and the rebound will quite likely be extended to around 0.8820

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