Cross-rate signals: EUR/CHF remains in a downtrend

The cross-rate EUR/CHF last week was traded in a downtrend, which was caused by the persistence of political risks in Italy. As a result, this cross keeps the downward dynamics and is traded near the support level 1.1720-00 (Fibo.50.0 from the January low to the high of April this year).

Repulsion from resistance: 1.1760-90 will indicate a repeat support test, the consolidation below which will indicate the resumption of the downward dynamics with the test of support levels: 1.1650 and 1.1620. Closing the day above the resistance will call into question the persistence of the descending channel.

Fig. EUR/CHF. Current price – 1.1750

Aso, read: “Cross-rate trading. Features”.

Hanzenko Anton