EUR/CHF Price Analysis: Up 0.20% in Asia, but still stuck in a descending triangle
- EUR/CHF's 4-hour chart shows a descending triangle pattern.
- A breakout could yield a re-test of recent highs.
EUR/CHF is currently trading at 1.0781, representing a 0.20% gain in Asia.
The pair, however, remains trapped in a descending triangle, as seen on the 4-hour chart. The RSI on the 4-hour chart is yet to exit a sideways channel. As such, the immediate bias remains neutral.
A move above 1.0788 would confirm a triangle breakout and open the doors for a retest of 1.0839 – the Aug. 3 high – above which, the focus would shift to 1.0915 (June 5 high).
On the downside, the area around 1.0735, which has recently acted as strong support, is the level to beat for the bears.
4-hour chart
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Trend: Bullish above
Technical levels
Author
Omkar Godbole
FXStreet Contributor
Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.
