Current Technical Conditions & Main Scenario
EUR/CHF remains locked in a descending channel, with lower highs and lower lows guiding the price action. The latest decline toward 0.9261 marked a near-perfect test of the channel’s lower boundary, followed by a corrective bounce.
Price is now hovering around 0.9280, facing initial resistance at the 127.2% Fibonacci extension at 0.9285, and further at 0.9292 (161.8%), both within the upper half of the channel. The WMA at 0.9292 also acts as dynamic resistance. Unless the pair breaks above 0.9300–0.9310, the dominant bearish structure remains intact, favoring a resumption of the downtrend.
Key Takeaways
• Technical Bias: Bearish-to-neutral. Short-term corrective rebound is unfolding, but the broader structure remains within a descending channel.
• Macro Drivers: Eurozone industrial production missed expectations, German ZEW sentiment slipped, and ECB speakers continue to stress caution. Swiss PPI declined again, but the SNB remains on the sidelines.
• Strategy: Tactical short on rallies toward 0.9290–0.9300 in line with channel resistance, with stops above 0.9310. Downside target toward 0.9260, then potentially channel base near 0.9240 if bearish momentum resumes.
Read full article here:
erranteacademy.com/eur-chf-holds-within-downward-channel-as-eurozone-data-disappoints/
EUR/CHF remains locked in a descending channel, with lower highs and lower lows guiding the price action. The latest decline toward 0.9261 marked a near-perfect test of the channel’s lower boundary, followed by a corrective bounce.
Price is now hovering around 0.9280, facing initial resistance at the 127.2% Fibonacci extension at 0.9285, and further at 0.9292 (161.8%), both within the upper half of the channel. The WMA at 0.9292 also acts as dynamic resistance. Unless the pair breaks above 0.9300–0.9310, the dominant bearish structure remains intact, favoring a resumption of the downtrend.
Key Takeaways
• Technical Bias: Bearish-to-neutral. Short-term corrective rebound is unfolding, but the broader structure remains within a descending channel.
• Macro Drivers: Eurozone industrial production missed expectations, German ZEW sentiment slipped, and ECB speakers continue to stress caution. Swiss PPI declined again, but the SNB remains on the sidelines.
• Strategy: Tactical short on rallies toward 0.9290–0.9300 in line with channel resistance, with stops above 0.9310. Downside target toward 0.9260, then potentially channel base near 0.9240 if bearish momentum resumes.
Read full article here:
erranteacademy.com/eur-chf-holds-within-downward-channel-as-eurozone-data-disappoints/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.