EUR/CHF Weekly Outlook: Key Support and Resistance Levels
Sunday, 21 July 2024, 04:07
EUR/CHF Weekly Outlook
The EUR/CHF currency pair has experienced fluctuations following its climb to 0.9772. After exceeding the 38.2% retracement level from 0.9476 to 0.9772 at 0.9659, the pair has shifted to a neutral bias this week.
Current Market Analysis
- Initial Bias: The bias is currently neutral.
- Potential for Bullishness: A strong bounce from current levels will maintain near-term bullishness.
- If the level of 0.9972 is breached, the rally from 0.9772 may continue.
Key Levels to Watch
- Breaking 0.9614 will extend the downtrend.
- This could lead to a test of the 61.8% retracement level at 0.9589.
- Monitor for potential movements below this level for further downward pressure.
In conclusion, the EUR/CHF will require close monitoring as it approaches critical levels that could dictate the direction for the coming weeks. A robust rebound could signal sustained bullish momentum, while a decisive drop may open doors for further declines.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.