The EUR/CHF hasn't moved much so far despite the breakout of the descending triangle pattern, which later proved to be a fakeout pattern. The EUR/CHF played a fakeout setup on the hourly timeframe as we can see it broke the descending triangle pattern, which extended support around 1.0604. Even after closing candles below this support, the pair took a sharp bullish flight. At the moment, it's trading at 1.0630, just below the double top resistance level of 1.0646.
A bullish breakout of this can help us cover bullish trades of customers until 1.0640 today. Conversely, the pair can continue to trade in a selling mode if it fails to break above 1.0646. Support can be seen around 1.0620.
|
Support |
Pivot Point |
Resistance |
|
1.0646 |
1.0679 |
1.0698 |
|
1.0627 |
1.0731 |
|
|
1.0575 |
1.0783 |
At the moment, the EUR/CHF is trading at 1.0598 below the horizontal support becomes a resistance level of 1.0606. It's the same level, which was extending support to the EUR/CHF in the form of a descending triangle pattern. Since the pattern is violated already, we may see EUR/CHF going further down towards the next support level of 1.0575.
EUR/CHF - Trade Signal
Sell Below 1.06066
Take Profit 1.0575
Stop Loss 1.0640
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