EUR/CHF 4H Chart: reaches historic resistance point
The Euro has been appreciating against the Swiss Franc in a two-month ascending channel. This has allowed the pair to accelerate from the senior channel near 1.1450 and reach the 1.20 mark - its highest positioning since the peg was lifted in January, 2015. This mark was reached mid-April and the Euro has been since floating slightly below this level.
It is likely that traders are reluctant to push the pair above this historically psychological level in the nearest time, thus allowing for a minor correction south. The nearest support is formed by the 100-period SMA and the bottom boundary of two channels at 1.1925. The rate could edge even lower down to the 200-period SMA currently located near 1.1830.
Apart from the 1.20 level, the following resistance is set by the weekly R1 at 1.2070.
It is likely that traders are reluctant to push the pair above this historically psychological level in the nearest time, thus allowing for a minor correction south. The nearest support is formed by the 100-period SMA and the bottom boundary of two channels at 1.1925. The rate could edge even lower down to the 200-period SMA currently located near 1.1830.
Apart from the 1.20 level, the following resistance is set by the weekly R1 at 1.2070.