Upward movement was expected in a previous analysis, The price moves up but reverses back earliest then expected. Previous week closing candle was bearish but above the support level.
I am sharing 2 different time frame technical analysis for EURCHF expected movement. Please go through the analysis written below.
Weekly EURCHF Technical Analysis
The weekly support is at 1.4810 and the price touches this level twice last week. The volume is still in favor of the bearish move in a weekly time frame chart. The expected minimum target for bearish movement is 1.3280 . The confirmation of the mentioned target could be possible after the break of support area around 1.4810.
We will look for Daily time frame chart to get the earliest confirmation.
Please have a look at weekly technical EURCHF chart below
Weekly EURCHF Technical Chart
Daily EURCHF Technical Analysis
After breaking the major support, EURCHF is trading below the support level. The broken support becomes resistance and we are expecting more downward movement this week. The minimum selling target is at 1.13320.
As long as the price is moving below the broken support level, our thoughts will remain bearish and weekly and daily targets are same as per above analysis.
Please have a look at the daily technical chart below, I have created a possible movement diagram infographic details.
Daily EURCHF Technical Chart
EUR CHF SUPPORT & RESISTANCE LEVELS
Support 1: 1.13310
Resistance 1 : 1.16540
Please visit Economics to get the update support & resistance levels
Note: Never risk more than 2% of your capital in a single trade and always trade with proper money management plan.