EURCHF Technical Analysis Report 7 May, 2021

• EURCHF reversed from support zone
• Likely to rise to resistance level 1.1000

EURCHF recently found support inside the support zone lying between the strong support level 1.0955 (former low of the minor correction 4 from the end of February), lower daily Bollinger Band, 100-day simple moving average and the 50% Fibonacci correction of the previous upward impulse from January. The upward reversal from this support zone stopped the previous minor impulse wave 1 of the (C)-wave from last month.

Given the widespread bearish Swiss franc sentiment seen across the FX markets today and the longer-term uptrend – EURCHF currency pair can be expected to rise further toward the next resistance level 1.1000 (former low of wave B from the middle of April).

Was this post helpful?