The EURCHF pair has maintained a support level at 1.05148 for over 5 years. Since the beginning of the pandemic in the year 2020, EUR has gained more than the CHF, as the price moved from the support level at 1.05148 in May 2020 to a new resistance level of 1.11540 in March 2021. From March of this year, the Swiss Franc appreciated against the Euro as price reached 1.05291, a few pips away from the support Level from the resistance level of 1.11540. The weekly chart shows a double bottom which might lead to the next rally, as $EURCHF appreciates.
On the other hand, the 1hr chart shows the price of $EURCHF has been ranging between 1.06741 and the support level of 1.05148 since the beginning of November 2021. A breakout of the range might occur if EUR appreciates against the CHF. RSI shows that the price has been overbought but no trace of the price being oversold before the next rally. A breakout of this month’s resistance level might push the price to the next major resistance level at 1.07034.
