Home›Forex›Major Pairs›EUR/CHF recovery faces 0.9234 resistance as 0.9176 sup…

EUR/CHF recovery faces 0.9234 resistance as 0.9176 support holds

A break above 0.9234 could lead to a retest of 0.9265, while a decisive drop below 0.9179 would shift the outlook toward a deeper decline to 0.9094.

Reported · Written up by our desk · Major Pairs

EUR/CHF’s recovery stalled at 0.9234 resistance last week, leaving the pair with an overall neutral near-term bias, according to Action Forex. The outlook turns cautiously bullish only while 0.9176 support remains intact.

Action Forex said a move above 0.9234 would first target a retest of 0.9265. If 0.9265 is broken decisively, it would support resuming a rally tied to a projected move from 0.8979 toward 0.9264.

The bearish alternative is also defined, with Action Forex noting that a decisive break of 0.9179 would dampen the bullish view and point to a deeper fall back toward the 0.9094 support level.

In the wider picture, the site said the outlook remains bearish as long as 0.9407 support, which has turned into resistance, holds. It added that a firm break of 0.9407 would support the view that the downtrend from 1.2004 (2018 high) has completed, opening the door to a stronger rebound toward a 38.2% retracement near 1.0135.

More like this

Sources