EUR/CHF Price Forecast: EUR/CHF remains above 0.9350, nine-day EMA

• EUR/CHF may further gain ground as the daily chart analysis indicates a prevailing bullish bias.
• The initial resistance appears at its six-week high of 0.9418 level.
• Nine- and 14-day EMAs at 0.9347 and 0.9338, respectively, appear as the primary support levels.

EUR/CHF retraces its recent losses from the previous session, trading around 0.9380 during the European hours on Wednesday. The daily chart analysis indicates a prevailing bullish bias as the EUR/CHF cross moves upwards within the ascending channel pattern.

The EUR/CHF cross remains above the nine- and 14-day Exponential Moving Averages (EMA), indicating an ongoing bullish outlook and signaling to strengthen short-term price momentum. This points to increasing buying interest and raises the likelihood of further price appreciation.

Additionally, the 14-day Relative Strength Index (RSI) remains above the 50 mark, further strengthening the bearish sentiment.

On the upside, the EUR/CHF cross may retest its six-week high of 0.9418 level, marked on December 17, aligned with the upper boundary of the ascending channel at 0.9430 level. A break above this critical region would strengthen the bullish bias and support the pair to approach its three-month high of 0.9459 level, which was recorded on November 4.

Regarding support, the EUR/CHF cross could test nine- and 14-day Exponential Moving Averages (EMAs) at 0.9347 and 0.9338 levels, respectively. A break below these levels would weaken the short-term price momentum and put downward pressure on the currency cross to navigate the area around the ascending channel’s lower boundary at 0.9280 level.

Further support appears at its four-week low at 0.9256 level, followed by the “throwback support” at 0.9200 level.

EUR/CHF: Daily Chart