EUR/CHF Price Analysis: Bulls need a weekly close above 1.08

EUR/CHF is currently up over 250 pips from lows seen in May.
The pair is yet to break out of a multi-year bearish channel.

Omkar Godbole FXStreet Contributor

EUR/CHF is currently trading near 1.0780 – up 280 pips from lows near 1.05 observed in May.

While the recovery from 1.05 looks impressive, the pair is still trapped in a falling channel represented by trendlines connecting May 2018 and April 2019 highs and September 2018 and March 2020 lows.

A weekly close above 1.08 would confirm a falling channel breakout or reversal higher from the two-year-long downtrend and open the doors for a test of psychological resistance at 1.10. A violation there would shift the focus to the 200-week simple moving average (SMA) located at 1.1132.

On the downside, a move below the higher low of 1.0712 created on July 24 would turn the tide in favor of the bears.

Weekly chart

Trend: Bullish above 1.08

Technical levels

EUR/CHF

Overview
Today last price	1.078
Today Daily Change	0.0012
Today Daily Change %	0.11
Today daily open	1.0768

Trends
Daily SMA20	1.0713
Daily SMA50	1.0701
Daily SMA100	1.063
Daily SMA200	1.0725

Levels
Previous Daily High	1.0774
Previous Daily Low	1.0734
Previous Weekly High	1.0795
Previous Weekly Low	1.0712
Previous Monthly High	1.0915
Previous Monthly Low	1.0628
Daily Fibonacci 38.2%	1.0759
Daily Fibonacci 61.8%	1.0749
Daily Pivot Point S1	1.0744
Daily Pivot Point S2	1.0719
Daily Pivot Point S3	1.0703
Daily Pivot Point R1	1.0784
Daily Pivot Point R2	1.0799
Daily Pivot Point R3	1.0824

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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