EUR/CHF is trading 0.55% higher to 0.9801 after having touched a low of 0.9761 earlier in the Asian session. EUR/CHF has dropped more than 250 pips during the last few weeks, and the ongoing uptick seems to be a small correction phase. The intraday support levels are at 0.9734 and 0.9709. The near-term resistance areas are at 0.9810 and 0.9861. Despite this week’s bullish momentum, the pair has multiple resistance areas nearby, and the current upwards traction does not seem to convert into a full recovery move.
EUR/CHF Technical Snapshot (Short-Term)
The Stochastic and the Bollinger Bands are currently overbought, while the ATR is flat. The MACD is Above the Zero line, and the RSI is in the neutral zone.
| Stochastic | Bollinger Bands | ATR | MACD | RSI |
| overbought (87) | overbought (0.9823) | 0.0065 (flat ) | Above Zero (-0.0004) | 57 (neutral) |
The Moving Average Convergence and Divergence (MACD) shows the relationship between two moving averages and is an excellent indicator for a trend following strategy.
Related Article: EUR/CAD Daily Outlook and Trade Signal
EUR/CHF Support and Resistance Levels (Short-Term)
| Support 1 | Support 2 | Support 3 | Resistance 1 | Resistance 2 | Resistance 3 |
| 0.9734 | 0.9709 | 0.9658 | 0.9810 | 0.9861 | 0.9886 |
The FXDatapanel Smart Analysis Report Provides a complete insight into currency trading. You can get updated support and resistance levels, a technical snapshot, and expert opinion about the future price movement of a currency pair. The smart analysis report also includes a strategy heat map.
EUR/CAD Trading Idea 01-SEP-2022
Based on the overall weakness, the intraday price pattern, and the FXDatapanel algorithm, EUR/CAD is likely to move lower again and test the 0.9734 support level in the coming days, making it ideal for selling entries.
Trade Direction: Sell
Trade Timeframe: Daily
Entry: 0.9800
Stop-loss: 0.9865
Take Profit: 0.9670
Related Article: USD/CAD Outlook and Trading Ideas
EUR/CHF Important Levels to Watch
Bulls require a weekly closing above the 0.9861 resistance area to continue the momentum through next week. Failing to achieve that will strengthen the bears and provide an opportunity to drag the price lower again towards 0.9720 during the following week.
Click here to download the complete smart analysis report of EUR/CHF from FXdatapanel.
Note: Use the FXEinstein Lot Size Calculator to determine an exact lot size to trade based on your equity and various other factors.