EURCHF: Cross Defends First Major Support and Tries to Bounce Back
The EURCHF cross fell during the last few days as risk-off sentiment benefitted the Swiss Franc. However, the price managed to defend the first strong support of 1.1370 and bulls are now trying to push the price higher as stock markets in the EU region are on the rise.
If this support holds, bulls might try to attack the 1.14 level, where previous lows are located. The next very strong level that bulls may try to achieve could be the 1.1450 resistance, where highs converge with the 100-day moving average.
On the other hand, should the current support at 1.1370 be broken, we could see further deterioration towards another buying zone near 1.1320.
The cross has fallen below the short-term bullish trend line and it has lost rising momentum, which seems to be slightly negative for future developments. If equities continue to plunge, then the EURCHF cross might also head lower.
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