EUR/CHF trades higher at 1.1064 level after retesting some immediate support levels. The pair escaped from a continuation pattern, so now is somehow expected to resume its swing higher.
Still, we need confirmation before going long on this pair. The German Import Prices registered a 1.7% growth in February which is good for Euro. On the other hand, the Swiss Franc may drop further as long as the risk-on sentiment dominates the markets.
EUR/CHF Validates The Breakout!
EUR/CHF is located right below the 38.2% retracement level after registering a temporary decline to retest the symmetrical triangle’s resistance.
The pair tries to stabilize above the Pivot Point (1.1058) which could be seen as an upside signal after the price’s failure to reach the S1 (1.1022) in the last attempt. Technically, jumping and stabilizing above the 38.2% retracement level may signal a further upside movement.
EUR/CHF escaped from a symmetrical triangle and now it tries to validate the pattern and the upside breakout. Passing and stabilizing above 1.1094 immediate high could bring a long opportunity and could confirm a bullish momentum in the short term.
Conclusion!
Anything could happen as long as EUR/CHF is traded under the 38.2% retracement level. That’s why we have to wait for a new higher high to indicate further growth ahead.
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