Following the aggressive rally, which started from 1.0630, the EUR/CHF pair is now trading above the 50-SMA, on the monthly chart. Moreover, the price is snapping a five-month winning streak, recording a red month. From March to July, the pair added 7.6% to its performance and posted a new two-and-half-year-high at 1.1537 this month.
Going to the short-term timeframe, the price is developing within a descending triangle with a strong support level at 1.1260. Currently, the 50-SMA is acting as an obstacle, preventing the price from further losses, however, a slip below it will push EUR/CHF at 1.1320 or until the 1.1260 barrier. The technical indicators hold neutral momentum near their mid-levels. The MACD oscillator fell below trigger line, whilst the RSI indicator dropped below the 50 level.
