EUR/CHF is looking to regain some poise from three-year lows reached on Wednesday. The pair is currently trading at 1.0775, representing marginal gains on the day, having hit a low of 1.0742 yesterday. That was the lowest level since April 2017. The bounce could be extended further, as the 14-day relative strength index (RSI) is hovering well below 30 for the first time since August 2018, indicating extreme oversold conditions. |
EUR/CHF, Daily chart(see more posts on EUR/CHF, )-637147386339434788.png) - Click to enlarge |
| Further, the hourly chart shows a descending triangle breakout and a bullish divergence of the relative strength index.
The pair could challenge the 5-day average hurdle at 1.0777. Trend: Corrective bounce likely |
EUR/CHF, Hourly chart(see more posts on EUR/CHF, )-637147386681938500.png) - Click to enlarge |
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Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies. Omkar has a master's degree in finance and is constantly engaged in monitoring the situation on the world financial markets.
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