Today, we are analysing the EUR/CHF chart.
Working on 1-day timeframe, we saw the pair testing the 200-EMA, pushing off from it like from a resistance level. At the same time, there was a downward breakout from the shorter 9EMA. The Williams% R oscillator confirmed the signal by returning from the overbought zone to the neutral one.
An older weekly chart raises doubts. The the 200EMA is directed sideways, which indicates the absence of any trend. The pair is still in the 1.1300 – 1.1400 channel. At the same time, the proximity of the upper border is a positive factor if you short the European currency, as soon as it allows the use of “short” stops to protect the positions.
Conclusions: taking into account these factors, we mainly consider selling the euro. The first decline target may be the 1.1335 (1.1340) level, the next one is 1.1300.
We do not expect any significant macroeconomic news to affect the currency pair this week.