The EUR/CHF cross is trading near 0.9400, maintaining a downward trajectory as it edges toward its daily low on Thursday. Traders face mixed technical signals suggesting potential downside risks with an undercurrent of short-term bullish momentum.

Technicals show the Relative Strength Index (RSI) in the 40s, indicating neutral conditions. The Moving Average Convergence Divergence (MACD) points to ongoing buy momentum, contrasting the overarching bearish outlook. Stochastic %K and Commodity Channel Index also display a balanced momentum. The Average Directional Index at 14 reflects a weak trend without a clear directional focus.

Moving averages display a bearish trend. The alignment of 100-day and 200-day Simple Moving Averages with the 10 and 30-day Exponential Moving Averages suggests persistent selling pressure. This bearish presence challenges the 20-day SMA’s short-term recovery signal.

Support levels are observed around 0.9360, with further levels at 0.9353 and 0.9348. Resistance is seen near 0.9370, with higher barriers at 0.9375 and 0.9380, potentially restricting upward movement in the short term.

The cross pair hovers close to 0.9400, drifting lower through Thursday and threatening to pierce its early session base. What’s pressing here is the subtle tension between short-range optimism and the heavier hand of medium-term pessimism. Traders will notice indicators that don’t exactly pull in one direction — neither the floor nor ceiling offer clear refuge just yet.

The RSI hovering in the 40s suggests neither euphoria nor panic. We can read this as the market catching its breath — neither oversold nor overheated — and in waiting mode. Meanwhile, the MACD histogram continues to lean toward buy-side momentum, a possible flicker of upside energy within a broader downtrend. But this is more a glimmer than a beacon.

The Stochastic oscillator and the CCI aren’t moving with purpose either. Their middle-of-the-road readings give little in the way of actionable confidence. Momentum remains scattered. When added to the ADX reading near 14, it’s apparent that directional conviction is lacking. This low number tells us trends — for now — are short-lived and mostly noise.

Now, zooming out slightly, the moving averages paint a picture far less flattering. Both the 100-day and 200-day SMAs continue to lean lower and sit well above shorter-term EMAs. This kind of structure — long-term bears towering above short-term averages — usually telegraphs continued downward bias. So while the 20-day SMA tries to stage some kind of rebound effort, it’s like pushing up against a ceiling that doesn’t want to move.

Levels below show more definition. The 0.9360 mark appears to be the first support trench, followed by 0.9353 and 0.9348 a touch lower, each more fragile than the last. Upside levels look flimsy, with 0.9370 close above and followed by 0.9375 then 0.9380. While none of these are fixed lines in the sand, they may act as magnets or tripwires depending on order flows.

Taking cues from the current structure, the weight of evidence leans toward more weakness. The fact that resistance barriers are close and clustered, while supports are layered thin beneath, tells us which direction may be easier to slip into.

Positioning through the coming sessions should be calibrated with this in mind — nudging trades slightly in favour of the prevailing bias unless abruptly contradicted by short-term volume spikes or surprise catalyst events. Trends may lack sharpness for now, but this very absence of direction can widen price flickers, making discipline even more necessary on either side of a position.

The outlook does not suggest an urgent reversal is on the way. Rather, continued fading into modest rallies could remain the more reactive stance. We’ve seen this structure before, where short bursts of strength quickly unwind — especially if they brush too close to resistance without backing from momentum.