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Technical Update - EURCHF rebound facing resistance but pair is eyeing par level medium-term
Kim Cramer Larsson
Technical Analyst, Saxo Bank
EURCHF rebound has reached within few cents of the 0.618 retracement at 0.9763 and the lower part of the Cloud.
RSI is testing 60 threshold but seems to be rejected at first attempt. It needs to close above for further upside potential for EURCHF
A bearish correction seems to be in the cards for EURCHF after two weeks of almost daily advance. A correction down to the 0.382 retracement at 0.9650 is not unlikely before the bullish trend is quite likely resume - as illustrated by the arrows on the chart
Medium-term EURCHF is likely to push higher.
The May-June bearish correction took the pair down to the 0.618 retracement of the Q1-Q2 strong bullish move – see weekly chart – around 0.95 before the current strong rebound.
The weekly RSI is still showing positive sentiment with no divergence indicating EURCHF is likely to push higher in coming months above the May peak towards par
If EURCHF is breaking above the 0.618 retracement at 0.9763 and weekly RSI is closing back above 60 threshold on both the daily and weekly chart the road higher is paved
But, if EURCHF is instead collapsing and closes below 0.9478 the medium-term bullish picture is demolished and reversed