U.S. Session Trade Setup - EUR/CHF Descending Triangle Breakout
|The EUR/CHF pair is trading at 1.0598, having violated the descending triangle pattern, which was keeping the EUR/CHF supported at 1.0606. Most of the bearish pressure increased amid increased demand for safe-haven assets following intensifying Caronovirus news. Eventually, the investors are heading into Swiss Franc, while withdrawing funds from Euro.
The EUR/CHF's bearish trend continues to play in the market as the pair is staying below a long- held support level of 1.0605. On the technical front, the EUR/CHF has violated the descending triangle pattern at 1.0606, and now it has the potential to go after the next support area of 1.0675.
|
Support |
Pivot Point |
Resistance |
|
1.0649 |
1.0679
|
1.0698 |
|
1.0627 |
1.0731 |
|
|
1.0575 |
1.0783 |
On the 4 hour chart, the pair has formed a descending triangle pattern that may drive more selling in the EUR/CHF upon the bearish breakout of 1.0605, and it may lead the EUR/CHF prices towards 1.05700 at first.
EUR/CHF - Trade Signal
Sell Below 1.0600
Take Profit 1.0580/1.0570
Stop Loss 1.0620
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