EUR/CHF ST: the RSI is overbought

EURCHF

Trading Central 2021-02-23 18:07:14

1.0819 is our pivot point.

Our preference: the upside prevails as long as 1.0819 is support.

Alternative scenario: below 1.0819, expect 1.0730 and 1.0677.

Comment: the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.0818 and 1.0812). Finally, the EUR/CHF is trading above its upper Bollinger band (standing at 1.0898).

Supports and resistances:

1.1216 **

1.1162 *

1.1109 **

1.1056

1.0937 last

1.0854

1.0819 **

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