EURCHF is in a bullish mode since few weeks and a rejection from the previously broken support and a resistance level indicated the price may reverse from this area. We have two different thoughts for next movement.
I am sharing weekly and daily time frame technical analysis below to give overview.
Daily Time Frame Technical Analysis
As we can see a clear rejection from the resistance area, it indicates us the earliest signal for a reversal. But it will confirm once the price will break the rising support, as long as the price is moving above the rising support level, we will not enter into a sell trade. I have mentioned a breakout price level underlined at the daily chart below.
If the EURCHF price breaks the support line and closes below 1.1600 area, then the price could fall back towards 1.1250 area again.
Please have a look at daily time frame EURCHF chart below, I have mentioned possible next movement diagram.
Daily Time Frame EURCHF Technical Chart
EURCHF Weekly Time Frame Technical Analysis
EURCHF is in a bullish trend since few weeks. The weekly chart indicated a clear bullish cycle. As per the MACD volume indication and a reversal candle from the resistance area is giving a bearish signal and price may fall very soon.
We have to wait the break of support areas at daily chart to get the earliest possible signal to jump in selling trade.
The price could fall towards minimum 1.11169 if it breaks the support which is mentioned in the weekly chart below.
Weekly Time Frame EURCHF Technical Chart
EUR CHF SUPPORT & RESISTANCE LEVELS
Support 1: 1.17350
Support 2: 1.14500
Support 3: 1.11169
Resistance 1 : 1.18500
Resistance 2 : 1.2000
Note: Never risk more than 2% of your capital in a single trade and always trade with proper money management plan.