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  • EUR/CHF’s weekly chart shows bull failure at 1.0850. 
  • The immediate bias remains neutral despite descending trendline breakout.

EUR/CHF is trading below 1.08 during Thursday’s Asian trading hours. 

The long upper wick attached to the weekly candle shows rejection near 1.0850. The area around that level has capped upside multiple times since the last week of July. As such, the immediate bias will remain neutral as long as the pair is held below 1.0850.

A weekly close above 1.0850 would validate the upside break of a two-year-long descending trendline and open the doors for resistance at 1.1059 (October 2019 high). 

On the downside, 1.07 is the level to beat for the bears. 

Weekly chart

Trend: Neutral

Technical levels

 

Expert score

5

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