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7 Sep 2020

EUR/CHF Price Analysis: Bull flag breakout on 1H chart calls for a test of 1.0850

  • EUR/CHF charted a bull flag on the hourly chart.  
  • The spot looks to extend Friday’s solid rebound.
  • 1.0804 is the level to beat for the EUR/CHF bears.  

EUR/CHF is consolidating Friday’s solid comeback, ranging above 1.0800 so far this Asian session on Monday.

The recent surge and the following consolidation carved out a bull flag formation on the hourly chart. The price has yielded a bullish breakout after the bulls recaptured the falling trendline resistance at 1.0816.

The path of least resistance appears to the upside, as the spot trades above all the major hourly Simple Moving Averages (HMAs). Also, the hourly Relative Strength Index (RSI) points northwards in the bullish territory, backing the bullish bias.

The buyers now aim for the pattern target of 1.0861. Ahead of that level, Friday’s high at 1.0826 could offer some resistance. Also, the 1.0850 psychological level could challenge the upside.

To the downside, critical support at 1.0804 will likely keep the pullbacks limited. That level is the confluence of the horizontal 100-HMA and upward-sloping 21-HMA.

The next cushion awaits at 1.0799, the falling trendline (pattern) support.

EUR/CHF: Hourly chart

fxsoriginal

EUR/CHF: Additional levels

 

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