EUR/CHF Descending Triangle – Wait for Breakout
Arslan Butt • 1 min read
EUR/CHF is trading in a selling channel, having dropped from 1.0520 level heading to test the triple bottom support zone of 1.0509. The demand for safe haven CHF appears to have risen due to the increased number of coronavirus cases around the globe.
The strength of the single currency Euro is also keeping the pair supported. Most of the selling in the single currency euro rose in the wake of the dovish ECB monetary policy stance in the wake of the COVID-19 crisis.
EUR/CHF – Daily Technical Levels
Pivot Point 1.052
The technical side of EUR/CHF traded bearishly around 1.0515 level, as it failed to violate the support level of around 10500, which is working as a psychological level. On the 4 hour timeframe, the pair has formed a descending triangle pattern, which is extending resistance at 1.05210 level along with support around 1.509. A bearish breakout of 1.0509 level can extend sell-off in EUR/CHF until 1.0480 support zone.