empty
 
 
20.03.2023 02:05 PM
EUR/CHF outlook for March 20, 2023

This image is no longer relevant

EUR/CHF is in a long-term bearish trend. But the pair seeks to develop an upward trend in the medium term amid a weakening franc. Despite its generally recognized status as a safe-haven currency, the franc is under pressure amid the ongoing uncertainty in the Swiss financial system and ahead of the central bank's meeting.

This image is no longer relevant

As of writing, the pair is trading near the 0.9920 mark, strengthening from the local multi-month low of 0.9705, reached last Wednesday amid the Credit Suisse bank crisis. EUR/CHF is rising towards the key resistance levels 0.9940 (200 EMA on the daily chart), 0.9970 (50 EMA on the weekly chart), the breakout of which will mean a break into the medium-term bull market zone.

Alternatively, EUR/CHF remains in the long-term bear market zone, and the breakdown of the short-term support at 0.9860 (200 EMA on the H1 chart) might signal the resumption of the pair's general bearish trend and encourage short positions.

This image is no longer relevant

In this case, the pair will head inside the downward channel on the daily chart, towards its lower border, passing below 0.9700.

Only a breakdown of the key long-term resistance levels 1.0330 (144 EMA on the weekly chart), 1.0480 (200 EMA on the weekly chart) can bring the EUR/CHF into the long-term bull market zone. Its rise above the resistance levels 1.2000, 1.2025 (200 EMA on the monthly chart) will confirm this assumption.

For now, below the resistance levels 0.9940, 0.9970, short positions are preferable.

Support levels: 0.9905, 0.9895, 0.9860, 0.9800, 0.9700

Resistance levels: 0.9940, 0.9970, 1.0000, 1.0100, 1.0200, 1.0300, 1.0330, 1.0400, 1.0480

Trading scenarios

Sell Stop 0.9885. Stop-Loss 0.9950. Take-Profit 0.9860, 0.9800, 0.9700, 0.9600

Buy Stop 0.9950. Stop-Loss 0.9885. Take-Profit 0.9970, 1.0000, 1.0100, 1.0200, 1.0300, 1.0330, 1.0400, 1.0480

Jurij Tolin,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback