EURCHF’s recent improvements from the 1.0759 trough are being safeguarded by the 200-period SMA at 1.0805 and the 1.0800 boundary. The zig zagging simple moving averages (SMAs) are promoting the relatively neutral bias, while a forthcoming bullish crossover between the 100- and 50-period SMAs could re-power recent gains in the pair.
The short-term oscillators are reflecting the latest retreat in price, promoting a dampening picture, while the rising 50-period SMA is endorsing additional positive developments in the pair. The MACD, some distance above zero, has eased marginally below its red trigger line, while the RSI is falling towards the 50 threshold. Furthermore, extra deterioration in the price is being sponsored by the negative stochastic oscillator. That said, if the 50-period SMA continues to climb, the picture in the pair could improve.
If the impeding zone around 1.0800 fails to dismiss negative pressures, the price may dive to challenge the key support section of 1.0788-1.0791 and the reinforcing obstacle beneath. The latter happens to be the nearing bullish crossover between the 100-and 50-period SMAs around 1.0784. Should sellers steer even lower, the price may sink to test the 1.0759 and 1.0750 barriers ahead of the 1.0738 trough.
Alternatively, if the 200-period SMA and the 1.0800 border manage to keep sellers at bay, the positive impetus from here could propel the pair towards the 1.0832 high. Stepping above this, buyers could encounter early upside hindrance from the nearby 1.0840 obstacle. In the event buying interest intensifies, the 1.0849 mark could come into play before the bulls tackle the 1.0861-1.0867 resistance zone.
In conclusion, price fluctuations remain within the broader neutral bias of 1.0733-1.0891, although EURCHF’s latest improvements seem protected above the 200-period SMA and the 1.0800 level.
