EUR/CHF has been on a downtrend since mid-April. Price of EURCHF moved from 1.14522 to 1.12599. The resistance level has been maintained around 1.14217 since August 2018. Despite the recent downtrend, price has not exceeded 1.1320 for the past one week. From mid April to mid May, price of $EURCHF was in a range before the downturn began.
A breakout has occurred from the trendlines which might make the price of $EURCHF to go north. As we expect price to reach the resistance level at 1.14217, price of $EURCHF has since maintained the lower region of the Bollinger bands around 1.12793. RSI on the daily chart has shown an overbought position but has not been able to show an oversold position despite the downtrend. A likely reversal might have occurred since a breakout occurred today and an additional indication of Ichimoku showing a bullish future. Price could reverse to the resistanece level of 1.14217 from its current 1.12793 as the bulls take charge of the $EURCHF market.