EUR/CHF Technical Analysis: Bears challenging multi-week ascending trend-line/38.2% Fibo. confluence support

   “¢   The cross came under some renewed selling pressure at the start of a new trading week and is currently placed at a short-term ascending trend-line support, extending from lows set on Jan. 8th.

   “¢   Technical indicators on the daily chart have been losing positive momentum and drifted into the negative territory on hourly charts, supporting prospects for an eventual bearish breakdown.

   “¢   The mentioned support coincides with 38.2% Fibonacci retracement level of the 1.1172-1.1444 upsurge and should act as a key trigger for the pair’s near-term trajectory in either direction.

   “¢   A sustained weakness below the 1.1330-25 region will confirm a near-term bearish breakdown and accelerate the fall towards challenging 50% Fibo. level support near the 1.1300 handle.

   “¢   On the flip side, a decisive strength beyond the 1.1365-70 region might negate the bearish outlook and prompt some short-covering move back towards reclaiming the 1.1400 round figure mark.

EUR/CHF 4-hourly chart