EURCHF Technical Analysis 5 January, 2021

• EURCHF reversed from support level 1.0350
• Likely to rise to resistance level 1.043

EURCHF currency pair recently reversed up from the key support level 1.0350 (which stopped the previous minor impulse wave 1 at end of December, as can be seen from the daily EURCHF chart below), strengthened by the nearby lower daily Bollinger Band. The upward reversal from the support level 1.0350 is likely to form the daily Japanese candlesticks reversal pattern Bullish Engulfing.

Given the strength of the support level 1.0350 and the improved euro sentiment seen across the currency markets today – EURCHF currency pair can be expected to rise further toward the next resistance level 1.043 (which has been reversing the price from the start of December).

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