Today we take a look at the EUR/CHF exchange rate. Currently, the share price is trading at CHF 0.9751 and has remained almost unchanged today with a slight decline of -0.03%.
In recent weeks, the EUR/CHF has been on a downward trend. This formed a bearflag that ran from early to mid-June. The last low was recorded on 30.05. reached at approx. CHF 0.9675, while the last high on 22.06. was approximately CHF 0.9841. The next resistance is at CHF 0.9848, which means that the price increase may be limited. On the downside, the next support is at CHF 0.9725.
Our forecast calls for a slight downward movement towards CHF 0.9675. Should the price fall below the support at CHF 0.9725, this could provide an opportunity to take a short position at around CHF 0.9718. However, it is important to note that financial markets can be volatile and unpredictable. A possible reversal and a rise of the price towards CHF 0.9840 should therefore not be ruled out.
Furthermore, we should keep an eye on the upcoming date: ECB President Lagarde’s speech on Friday at 6:45 pm. This speech could potentially have an impact on the EUR/CHF rate and should therefore be followed with interest.
In summary, the EUR/CHF rate is in a downward movement and is approaching the support at CHF 0.9725. If this is broken, a further downward movement could take place. A possible entry opportunity for selling could arise at around CHF 0.9718. We will also be closely following the upcoming address by ECB President Lagarde.