EUR/CHF Price Analysis: Steps back from weekly channel resistance towards 1.0700
- EUR/CHF eases after refreshing one-week high with 1.0741 level.
- Pullback from immediate resistance highlights 200-HMA for sellers.
- Bulls will have multiple upside barriers beyond the mentioned channel’s upper line.
EUR/CHF seesaws around 1.0740, following its run-up to the highest since October 14, during the pre-European trading on Thursday. The pair’s latest consolidation could be traced from its inability to defy the short-term rising channel.
While the current retracement can aim for a 200-HMA level of 1.0727, EUR/CHF sellers will be convinced only after the break of the stated channel’s support line, at 1.0714.
In that case, the 1.0700 round-figure holds the gate for the pair’s fall towards the monthly low of 1.0688.
On the contrary, an upside clearance of the channel resistance, currently around 1.0742, will have to cross the 50% Fibonacci retracement level of October 08-15 downside, near 1.0745, to aim for the mid-month high of 1.0750.
Also acting as the important hurdle for the USD/CHF bulls are the 61.8% Fibonacci retracement level of 1.0757 and the October 12 high close to 1.0775.
EUR/CHF hourly chart
Trend: Pullback expected