EURCHF – Looking Heavy @ Key Support Level (4hr chart) | Mar 28

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EURCHF – Looking Very Weak @ Key Support Level (4hr chart)

Since Sept. of last year, the EURCHF has been holding a small range between 1.1478 and 1.1188. This latter level (1.1188) has acted as a key support level for the pair 2x in the past, however the 2nd bounce was weaker than the first, producing a lower low. 

Over the last few weeks, the pair has been selling off consistently, now testing that key support level and not really producing a bounce. If the pair closes the week below ~1.1175, then viewing lower prices as the line of least resistance. That would put 1.10, 1.0975 and potentially 1.07 into focus.

On the other side, if the pair the following week closes back above, then we likely have a false break.

eurchf-trade-setup-at-key-support-2ndskiesforex

Trending Analysis:

ST bearish with the potential breakout structure, MT bullish while weekly close above 1.1175.

Key Support & Resistance Levels:

S: 1.1175 & 1.0975

R: 1.1375 & 1.1463

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