The price has declined each day this week
The EURCHF is trading near unchanged on the day. and if it can close higher it would be the first positive close this week.
In the process, the pair has moved below the March low at 1.05173. That was the lowest level since July 2015. The not so bearish news is the low for the week (reached yesterday) could only get to 1.05076 – an extension of about 10 pips. The market did not run on the break. It’ll take a new break with more momentum to get sellers more excited. There is room to roam on the downside.
Drilling to the hourly chart, the low today is higher than the low from yesterday at 1.05076 (the low today has reached 1.0510. The run lower yesterday did fall below a lower trend line but that break failed. The price rallied in the early Asian session.
Although trying to remain positive on the day, most of the gains have been depleted. On the topside, a trend line cuts across at 1.0523. Above that level, the falling 100 hour MA comes in at 1.05315. It will take a move above each level (and stay above) to give the buyers some comfort that the run lower is over. Failure and the trend lower continues.