Bullish Pressures May Increase for EURCHF
Burc Oran
June 23, 2021

(EURCHF Daily Chart) 

EURCHF is getting the wind against its back as the price reversed from the lower line of the bullish trend channel. The trend started amid the Covid-19 crisis, since then it is supporting the EURCHF perfectly.  Like the previous bottom, RMI gave a buy signal as well. The only thing that stands in the way of the bulls is the major medium-term horizontal resistance, 1.10, which is also supported by a medium-term downtrend. If EURCHF is able to move past this resistance, the first major target will be the 1.1150 top then possibly the upper line of the channel (currently at 1.1260).  

For downward moves, the 200-day moving average will be the key support. If it breaks, EURCHF may enter a short to medium-term bear market. 

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