Recently EURCHF on H4 chart was in a short-term uptrend, confirmed by the highs and lows at higher levels and the price was over the trend line extending from October’s lows.
However, the trend line was broken and, as a result, quotes have set a new lower low, indicating weakening of buyers. Currently the price has found support in the vicinity of 1.1557 level.
There is a great probability of breaking the trend line, which can now play a role of resistance. If the test turns out to be positive, the declines should return back to the support area at 1.1557. Successful defeating of this zone would open the way for further sell of towards 1.1495.
In addition, the resistance should be close to 1.1658. Closing quotes above it will gently challenge the bearish attitude on this value.
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