FX February 12, 2020 / 03:26 pm UTC

Monthly View: Chart EUR/CHF - Risk of a Break Below the 1.0535 Fibonacci Retracement in the Coming Weeks

By Mike Macdonald

No significant change in the underlying bear trend, with prices continuing to extend the fall from the May-June 2018 yearly highs.

The immediate focus is on the 1.0622/29 yearly lows from 2016-2017, but the falling monthly Tension Indicator highlights the risk of even deeper losses toward the 1.0535 (61.8%) Fibonacci retracement. Beneath here is the 1.0200 retracement, where already oversold monthly studies could prompt a significant consolidation pattern.

Meanwhile, resistance is up to 1.1000. There would need to be an unexpected close above here to stabilize the 2018 bear trend and turn sentiment Neutral.

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