EUR/CHF Breaks Out of Symmetric Triangle – is it in Trouble?
Arslan Butt • 1 min read
What’s up, fellas.
While the market awaits the US inflation report, let’s take a look at an EUR/CHF trade setup.
Looking at the 2-hour chart, EUR/CHF is heading lower towards the intraday double bottom support zone of 1.1110. It seems that EUR/CHF is having trouble with returning above 1.1150 (61.8% Fibo level and 50 periods EMA resistance).
The 1.11500 was a support area for many months that has recently turned into resistance. The EUR/CHF pair made a second attempt to violate this obstacle, but both of them failed. Well, the pair is also out of the symmetric triangle pattern formed on the 2-hour timeframe.
The drop below 1.1105 will confirm a “double top” and open the way down to the previous lows in the 1.1060 area. Bulls will have a chance only once the Euro returns above 1.1170.
Key Trading Level: 0.9906