Daily Forex Update: EUR/CHF

The downtrend on the EUR/CHF has been trending lower, and during Tuesday's session broke through the July 1 low at 1.3074, down to 1.3016. This price represents a multi-year low for the pair, and if the EUR/CHF can pierce 1.3000 the continuation could accelerate even lower. However, as prices trade lower toward a whole, round number such as this, active buying support tends to be present. If that is the case in the EUR/CHF, the shorter-term intraday time frames will start to cycle out of their downtrending market cycles and break higher through uptrend line resistance.