The EURCHF currency pair has already reached the resistance around 1.1490 two weeks ago, which has also proved itself several times this year as support. As can be seen in the daily chart below, the pair has since then consolidated between the mentioned resistance and the dynamic support provided by the EMA 10/20 channel. It is possible, however, that the decision as to the further short-term direction will take place during the coming session.
Yesterday afternoon, however, intra-day quotes overcome this support, which seems to open the way for further sell-off. The nearest target for sellers can now be the local defence area close to 1.1320.
In the event of a withdrawal, the sellers’ expansion may stop at 1.1400, which now acts as a resistance. The area within 1.1490 remains crucial, however.