U.S. Session Trade Setup - EUR/CHF Descending Triangle Breakout

EagleFX Team EagleFX

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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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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