• EURCHF reversed from support zone
• Likely to rise to resistance level 1.0715
EURCHF currency pair recently reversed up from the support zone lying between the long-term support level1.0665 (low of the weekly Morning Star from November of 2020, as can be seen from weekly daily EURCHF chart below) and lower weekly Bollinger band. The upward reversal from this support zone stopped the previous intermediate impulse wave (3).
Given the strength of the aforementioned support zone and the oversold reading on the weekly Stochastic indicator, EURCHF currency pair can be expected to rise further toward the next resistance level 1.0715.