Sunday , November 24 2024
Home / SNB & CHF / EUR/CHF Price Analysis: Attempting corrective bounce amid oversold conditions

EUR/CHF Price Analysis: Attempting corrective bounce amid oversold conditions

Summary:
EUR/CHF is looking oversold, as per key daily chart indicator.  The hourly chart is reporting a triangle breakout.  A corrective bounce to the 5-day average hurdle could be in the offing.  EUR/CHF is looking to regain some poise from three-year lows reached on Wednesday. The pair is currently trading at 1.0775, representing marginal gains on the day, having hit a low of 1.0742 yesterday. That was the lowest level since April 2017. The bounce could be extended further, as the 14-day relative strength index (RSI) is hovering well below 30 for the first time since August 2018, indicating extreme oversold conditions. EUR/CHF, Daily chart(see more posts on EUR/CHF, ) - Click to enlarge Further, the hourly chart shows a descending triangle breakout and a bullish

Topics:
Omkar Godbole considers the following as important: , , ,

This could be interesting, too:

Eamonn Sheridan writes CHF traders note – Two Swiss National Bank speakers due Thursday, November 21

Charles Hugh Smith writes How Do We Fix the Collapse of Quality?

Marc Chandler writes Sterling and Gilts Pressed Lower by Firmer CPI

Michael Lebowitz writes Trump Tariffs Are Inflationary Claim The Experts

  • EUR/CHF is looking oversold, as per key daily chart indicator. 
  • The hourly chart is reporting a triangle breakout. 
  • A corrective bounce to the 5-day average hurdle could be in the offing. 

EUR/CHF is looking to regain some poise from three-year lows reached on Wednesday.

The pair is currently trading at 1.0775, representing marginal gains on the day, having hit a low of 1.0742 yesterday. That was the lowest level since April 2017.

The bounce could be extended further, as the 14-day relative strength index (RSI) is hovering well below 30 for the first time since August 2018, indicating extreme oversold conditions.

EUR/CHF, Daily chart

(see more posts on EUR/CHF, )
EUR/CHF Price Analysis: Attempting corrective bounce amid oversold conditions

- Click to enlarge

Further, the hourly chart shows a descending triangle breakout and a bullish divergence of the relative strength index.

The pair could challenge the 5-day average hurdle at 1.0777.

Trend: Corrective bounce likely

EUR/CHF, Hourly chart

(see more posts on EUR/CHF, )
EUR/CHF Price Analysis: Attempting corrective bounce amid oversold conditions

- Click to enlarge


Tags: ,

Leave a Reply

Your email address will not be published. Required fields are marked *