Comparic

EURCHF - rebound from local bearish trend line

FX_IDC:EURCHF   Euro / Swiss Franc
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EURCHF is stuck for 3 weeks between support 1.0870 and resistance 1.0980. Moreover, during this period price respects established downward trend line . Another test of this line took place today and again ended with a sharp bearish reaction and a move towards 1.0870.

Clearly there is no place to continue current movement. From below we are getting close to support 1.0870. Its strength observed on D1 chart shows that test of this level will almost certainly cause a rebound. Meanwhile, the downward trend line is approaching, which should eventually be broken.

Main scenario for coming weeks for EURCHF is maintaining the price in consolidation. Between levels 1.0870 and 1.0980 supply and demand can find balance and such sideways moves can continue. Breaking one of those levels will change that scenario and it may initiate a new impulse.
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