- EUR/CHF’s daily chart shows signs of indecision in the market.
- A close below Wednesday’s low would imply a bearish breakdown.
EUR/CHF trades on a weak footing on Thursday, having faced rejections above 1.08 in the previous two trading days.
The pair is currently trading within a touching distance of Wednesday’s low of 1.0782. Acceptance below that level would mean the market indecision, as represented by long wicks attached to Wednesday’s candle, has ended with a bearish breakdown. As such, a deeper decline toward the 50-day simple moving average (SMA) at 1.0751 will likely follow.
On the higher side, a close above Wednesday’s high of $1.0825 would shift the focus back to the descending channel breakout confirmed on Nov. 9 and open the doors for a stronger rally.
Daily chart
-637407524267543204.png)
Trend: Bearish
Technical levels
Share
