EUR/CHF Rejected Below 0.9700 – Downward Trendline to Drive Sell
On Friday, when everyone is expecting major US economic data, such as nonfarm payrolls and the unemployment rate, we may have a great opportunity in the EUR/CHF forex cross-pair. The EUR/CHF is currently trading at 0.9696, with an immediate resistance near 0.9707, which is extended by a downward trendline.
A tweezer’s top candlestick pattern is also supportive of a selling trend in EUR/CHF.
EUR/CHF Technical Outlook
The 50-day moving average is providing significant resistance near 0.9730, and the closing of hourly candles below this 50MA is another indication of a bearish bias in EUR/CHF.
On the downside, EUR/CHF may find immediate support near 0.9679, and a break below this level may open the door to further selling until the $0.9650 level. Consider looking for a sell trade today under 0.9700 ahead of the US NFP data.
Good luck!
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