The European common currency has been on the decline against the Switzerland franc in forex trading this week. The euro had reached its highest level since early December on Friday at the 1.3204 exchange rate before this week’s turnaround.
The EUR/CHF pair found resistance in the form of the 200-day moving average and has bounced lower off this level – also breaking through the bullish trendline – to trading currently near 1.2940 in the US session on Thursday.
The MACD indicator has just formed a bearish cross signaling a trend change and potentially more room to run. A key level to watch is the 23.6 Fibonacci retracement level (from the November 1 high to the December 30 low) at 1.2735. A break below this level could setup the pair to retest the historical lows near the 1.2400 exchange rate.
EUR/CHF Daily Forex Chart
Euro Forex News – FxNewsEurope
