The EUR/CHF currency pair on the 4-hour time frame has been following a downtrend recently. The price dipped below the key support level of 1.11840 on 27 March and registered the lowest level of 20-months at 1.11741. The recent bearish move in the currency pair came after Swiss National Bank kept interest rate at -0.75% with no signal of interest rate increase in near future. SNB reiterated that the Swiss Franc is highly valued. The price is well below the 200-period moving average and RSI is below 50 which supports bearish move in EUR/CHF. The 4-Hour chart of the EUR/CHF confirms the negative sentiment in the price movement as the pair is making successively lower tops and lower bottoms.
By applying Oscillators analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/CHF. RSI (Relative Strength Index) showing values below 50 which supports the negative sentiment in the market.
In alternative scenario, first resistance level lies at 1.12563 (High of 25 March)), bulls need to break this level in order to regain bullish momentum.
By applying Oscillators analysis, all three indicators confirm the negative bias in the market. As the chart shows, price is well below the 200-period Moving Average. The MACD (Moving Average Convergence/Divergence) is recording values below the zero-line which shows negative sentiment in the EUR/CHF. RSI (Relative Strength Index) showing values below 50 which supports the negative sentiment in the market.
In alternative scenario, first resistance level lies at 1.12563 (High of 25 March)), bulls need to break this level in order to regain bullish momentum.