EUR/CHF Price Analysis: Euro limited below trendline resistance at 1.0700

• EUR/CHF fails at 1.0700 and returns to 1.0650 area.
• The euro has been capped by downward trendline resistance from April 2019  highs.

Euro rally from 1.0580 lows has been capped on Wednesday at 1.0700. The pair has hit resistance at the downward trendline from April 2019 highs, before pulling back to the mid-range of 1.0600.

At the moment, the euro remains positive on near-term charts with the 100-day SMA offering support at 1.0615. Below there, next potential support levels would be 1.0575 (May 25 low) and 1.0560 (20-day SMA).

On the upside, immediate resistance lies at 1.0660 (May 18 high) before trendline resistance, now at 1.0700. A convincing break beyond the trendline might pave the path towards the 200-day SMA, now at 1.0775.

EUR/CHF daily chart

EUR/CHF key levels to watch