EUR/CHF Technical Analysis: Risks breaking below a multi-week ascending trend-line support

   “¢   The cross came under some renewed selling pressure on Thursday and dropped to test ascending trend-line support, extending from Jan. 8th.

   “¢   A sustained weakness below 200-hour SMA was seen as a key trigger for bearish traders and behind the pair’s sharp intraday slide of over 50-pips.

   “¢   Technical indicators on the 1-hourly chart are already pointing to oversold conditions and warrant some near-term consolidation before any further downfall.

   “¢   Meanwhile, oscillators on 4-hourly/daily charts have just started gaining negative momentum and support prospects for an eventual bearish breakdown.

   “¢   A sustained weakness below the mentioned trend-line support will reaffirm the bearish outlook and accelerate the fall further towards the 1.1300 handle.

EUR/CHF 1-hourly chart