EUR/CHF intraday: the RSI is overbought

EURCHF

Trading Central 2021-02-24 04:55:05

Our pivot point is at 1.0980.

Our preference: the upside prevails as long as 1.0980 is support.

Alternative scenario: the downside breakout of 1.0980 would call for 1.0967 and 1.0959.

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 positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.0961 and 1.0927).

Supports and resistances:

1.1036 **

1.1028 *

1.1020 **

1.1012

1.0997 last

1.0985

1.0980 **

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