EUR/CHF Price Analysis: Steps back from 100-HMA as MACD flirts with bears
- EUR/CHF eases from intraday high of 1.0726, rises for the second consecutive day.
- MACD conditions, multiple upside barriers direct sellers to a two-day-old support line.
EUR/CHF drops to 1.0723 during Monday’s Asian session. Even so, the Euro pair manages to print 0.06% intraday gains while stepping back from the day’s high.
The pair’s latest declines could be cited as a U-turn from 100-HMA amid downbeat MACD histogram signals.
As a result, the quote is likely to extend the latest weakness towards testing an ascending trend line from Thursday, at 1.0718 now.
Though, a downside break of 1.0718 will not only challenge the 1.0700 threshold but will also direct the EUR/CHF bears towards the monthly low near 1.0685.
On the flip side, a falling trend line from last Wednesday, at 1.0730 now, follows the 100-HMA level of 1.0725 immediate resistance.
It’s worth mentioning that the 200-HMA level of 1.0750 and October 12 high near 1.0775 will lure the EUR/CHF buyers past-1.0725.
EUR/CHF hourly chart
Trend: Further weakness expected