WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

Technical Analysis: EUR/CHF Descending Channel 1.1200 - 1.0825

Posted by Chris Advincula on Mar 14, 2017 6:53:56 AM


(Mar 14 Tuesday) The EUR/CHF daily chart displays a descending channel pattern from 1.1200 high (Feb 3) to the current intraday high of 1.0825 showing the weakness of the euro is still intact, while swiss buying is still adding to the pressure on euro=swiss. The immediate 14 DMA support is 1.0650 (Mar 6) and the 30 DMA support is 1.0660 and 1.0600 (psychological level - nonetheless watch for the SNB intervention support).

The immediate resistance levels are: 1.0770, 1.0795, 1.0825 and 1.0875 (60 DMA Oct 24). 

The 14 day RSI chart (relative strenght index) shows a significant overbought level close to 70. However, since May 2, the 65 level has become the reversal or overbought point. There was an attempt at 64.70 (Mar 9) and the spot equivalent tip was 1.0825 yesterday and correction has taken place to 1.0710 today.



Topics: EURO, Swiss franc, EURCHF, technical analysis, Forex


Tools & Educational Resources

Forex 101LEARN MORE >>
Learn the basics of Forex and how to practice trading the markets.

GlossaryLEARN MORE >>
Confused by the language? Click here and search for key trading terms.

Browse our frequently asked questions and find your answers right away.

Access to the educational lessons, webinars and platform walkthroughs.


Get started with a FREE $10,000 Demo Account and experience the Forex Market RISK FREE!