EURCHF Technical Analysis Report 18 March, 2021

• EURCHF reversed from support area
• Likely to test resistance level 1.1110

EURCHF currency recently reversed up from the support area located between the support level 1.1000 (which also reversed the price at the start of March) and the 38.2% Fibonacci correction of the previous strong upward price impulse from the middle of February. The upward reversal from this support area stopped previous short-term impulse wave (c) which belongs to wave 4 from the start of this month.

Given the prevailing uptrend that can be seen on the daily EURCHF charts and the persistent safe-haven outflows form the Swiss franc seen across the currency markets lately – EURCHF can be expected to rise further toward the next resistance level 1.1110 (top of the previous corrective wave (b) from the start of this week).

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