The $EURCHF has been on a downtrend since mid-July. The downtrend came to an end at the early part of August with over 500 pips movement. After the bearish movement, it consolidated, making the EUR gain against the CHF with over 200 pips. Later, the downtrend continued. A new support level was formed towards the end of August resulting to a double buttom on the 4hr chart. The RSI shows it is already oversold at two different instances in the last one month. $EURCHF might go bullish with about 200pips movement.
On the daily chart, using the RSI, a double bottom has been formed which complements other indications. Though the future of Ichimoku shows a continuous downtrend but price has rallied around the oversold section since the beginning of the week. A bullish trend in favour of the Euro might resume.