- EURCHF holds beneath the 20- and 50-day SMAs
- MACD and RSI strengthens negative momentum
EURCHF is posting a leg to the downside after the pullback from the 0.9470 resistance level, heading towards the previous record low of 0.9253. The technical oscillators are endorsing the current picture on the price. The RSI is falling within the 30 to 50 area, while the MACD is strengthening its bearish structure below zero.
Immediate support level could come from the all-time low of 0.9253 before the market tumbles to uncharted territory. The next psychological marks such as 0.9200 and 0.9100 may halt downside movements.
Alternatively, a rebound off 0.9253 may take the price towards the 20- and then the 50-day simple moving averages (SMAs) at 0.9370 and 0.9425 respectively. Beyond those lines, the previous peak of 0.9470 could be a key level to watch ahead of 0.9545 and the 200-day SMA at 0.9595.
Turning to the medium-term picture, the bearish outlook came back into play after the pair posted a fresh record low of 0.9253. A jump above the 200-day SMA would restore a neutral mode. For a bull market though traders need to wait for a clear close above 0.9840, taken from the top in June 2023.
Overall, EURCHF holds a bearish profile both in the short and the medium-term.
