EUR/CHF Price Analysis: Teasing falling wedge breakout
|- EUR/CHF has carved out a falling wedge or a bullish reversal pattern on the hourly chart.
- An hourly close above 1.0676 is needed to confirm a bullish breakout.
EUR/CHF has added more than 15 pips in Asia and is teasing a bullish breakout on the hourly chart.
The pair is currently trading just above 1.0676, the upper end of the hourly chart falling wedge pattern. An hourly close above that level would imply an end of the pullback from the June 16 high of 1.0769 and open the doors for stronger gains.
A wedge breakout, if confirmed, would expose the resistance at 1.0720 (June 17 high), which, if breached, could yield a re-test of the recent high of 1.0769.
On the downside, acceptance below the overnight support of 1.0659 would imply a continuation of the sell-off of 1.0769.
Hourly chart
Trend: Eyes bull breakout
Technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.