24 Feb 2015
EUR/CHF erases daily losses
FXStreet (Córdoba) - EUR/CHF managed to recover ground over the last hours and erased intraday losses amid progress in Greek bailout negotiations.
EUR/CHF fell to a low of 1.0724 during the European and then climbed nearly 50 cents before the recovery was capped by the 1.0780 zone. At time of writing, the pair is trading at 1.0765, virtually unchanged on the day.
EUR/CHF technical perspective
According to Matt Weller, CMT analyst at FOREX.com, EUR/CHF technical bias remains to the topside and as long as the pair holds above its near-term bullish trend line (presently around 1.0710), a potential move toward the key 1.0860 level is in play. “But, if we see EUR/CHF break support at its bullish trend line (perhaps accompanied by a break below the 40 level in RSI), a quick dip back to previous-resistance-turned-support at 1.0640 or lower is possible”, said the analyst.
EUR/CHF fell to a low of 1.0724 during the European and then climbed nearly 50 cents before the recovery was capped by the 1.0780 zone. At time of writing, the pair is trading at 1.0765, virtually unchanged on the day.
EUR/CHF technical perspective
According to Matt Weller, CMT analyst at FOREX.com, EUR/CHF technical bias remains to the topside and as long as the pair holds above its near-term bullish trend line (presently around 1.0710), a potential move toward the key 1.0860 level is in play. “But, if we see EUR/CHF break support at its bullish trend line (perhaps accompanied by a break below the 40 level in RSI), a quick dip back to previous-resistance-turned-support at 1.0640 or lower is possible”, said the analyst.