Cross-rate signals: EUR/CHF goes into the correction phase

Cross EUR/CHF on risk reduction came from an established uptrend, but could not overcome the level of 1.1800. Instead, this cross returned to the established range, thereby hinting at the formation of correction and the figure “head and shoulders.” At the moment, the pair forms the basis for the second shoulder, which should be within 1.1750-20. After that, a repeated test of resistance 1.1760-80 is expected.

The signal for sale will be the formation of a second shoulder or a reversal from the levels of 1.1760-40. As a result, the goal will be psychology 1.1700. The stop is located at the level of 1.1780-90, the maximum update cancels the scenario for strengthening.

Fig. EUR/CHF. The current price is 1.1770.

Hanzenko Anton