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EURCHF: Inside week at a key level

Since the start of the year the currency fell more than 9.5% and this past week rose 0.3%.

Last week the EURCHF rose with a narrow range, creating an inside week and closed near the high of the week suggesting a slight bullish momentum.

The Stochastic is displaying a bearish momentum although is above the 50 mid line suggesting that the pair might recover.

The EURCHF is in a warning phase since mid-October and is trading below two moving averages the 10, 200 but above the 50 week moving average.

Expecting an upward move to the top of the rising wedge at 1.1151 on a break above of the previous week high at 1.0835 (scenario 1) or a break below previous week low at 1.0755 may throw the pair down to a weekly support at 1.0367 (scenario 2).