Cross-rate signals: EUR/CHF forms an upward triangle

Cross-rate EUR/CHF for the second consecutive month is trading in an upward triangle, which is limited to the resistance level 1.1700-20. The support level and the lower limit of the ascending triangle are located at the level of 1.1650-60. Given the stable dynamics of this pair, one should expect a resumption of growth from support levels with a further test of resistance 1.1700-20.

The limiting factor in this case can only be the general weakening of the euro and the fear of the market before a two-year high. The zone of entry into the transaction for purchase should be considered at the level 1.1650-60, and when a buy signal is generated. The nearest resistance is located at 1.1700-20. The breakthrough of this level will indicate a more significant strengthening of the EUR/CHF pair and the development of the “ascending triangle” figure.

Fig. EUR/CHF H4. The current price is 1.1670.

Hanzenko Anton