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EUR/CHF analysis for April 23, 2021

Looking at the chart on the four-hour time frame, we see that the EUR/CHF pair is making a pullback after reaching a high at 1.11518. The pullback moves in a particular channel, and we now see movement from the bottom line of the channel to the top with testing of the MA200 and EMA200 on the current 1.10385. We can expect this pullback to climb to 1.10800, where we expect the next resistance to higher levels. Also, from the bottom of this pullback, we could draw a smaller trend line, and it is our current support, while the break below it gives us a bearish signal. The MACD indicator is neutral but pulls slightly to the bullish side. For a more specific signal, we need a stronger pulse on the chart.

On the daily time frame, we can also form a drop channel. Following the moving averages, we see that the EUR/CHF pair  is trying to find support in them and climb above them to get their support. Resistance can be expected on the upper channel line around 1.10500. The break above will confirm the continuation of the bullish trend, and the pullback tells us to go down, asking for support on the bottom line of the channel. If we look at the MACD indicator, we see that the MACD blue line is turning to the bullish side, confirming this minor bullish trend.

EUR/CHF analysis for April 23, 2021

On the weekly time frame, we see that it finds support on the moving average EMA200, but that we are still in this pullback from reaching the previous high. Based on that, we can expect that the EUR/CHF pair in the coming period will move in one side consolidation between 1.10000 and 1.11500. We will probably wait to get closer to the moving averages of MA20 and EMA20 and look for a better signal in them.

EUR/CHF analysis for April 23, 2021

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