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Technical Update - EURCHF and USDCHF at key strong support levels. Bounce or break?
Equities 5 minutes to read
Kim Cramer Larsson
Technical Analyst, Saxo Bank
- USDCHF key strong support at 0.8880. Bounce or break?
- EURCHF key strong support at 0.9675
- Levels could be broken after US Unemployment
EURCHF has for the past few days been testing key strong support at 0.9675. A daily close below thus also closing below the Cloud, is likely leading to a sell-off down to 0.96-0.9560
If rebounding a bullish move to the 0.382 retracement at 0.9773 is in the cards. Around that level the 55 daily moving average will add some resistance
However, if the rebound scenario plays out EURCHF could continue the bullish move to the 0.618 retracement at 0.9837
RSI is below 40 threshold i.e., in negative sentiment indicating EURCHF is most likely to break lower
USDCHF is once again testing the 200 daily moving average and key strong support at around 0.8880.
USDCHF is below the Cloud and if breaking below 0.8880 USDCHF could sell-off down 0.8775-0.8730
If USDCHF is instead rebounding first bullish move is likely up to the 0.382 retracement and resistance 0.8987 but could move to the 0.618 retracement at 0.9052.
RSI is showing negative sentiment suggesting lower USDCHF levels are likely
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