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.

Omkar Godbole FXStreet Contributor

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

1. R3 1.077
2. R2 1.0747
3. R1 1.0707
PP 1.0683
1. S1 1.0643
2. S2 1.062
3. S3 1.058

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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