EUR/CHF Imminent Upside Breakout!

21 July 2021 | Updated: 21 July 2021

EUR/CHF is trapped within a triangle pattern. An upside breakout from this pattern could activate a strong upside momentum. The pair moves sideways in the short term signaling that the downside movement could be over.

The ECB monetary policy meeting could be decisive tomorrow. This high-impact event could bring a clear direction. The European Central Bank is expected to maintain its Main Refinancing Rate steady at 0.00%.

EUR/CHF H4 Technical Analysis!

EUR/CHF has retested the ascending pitchfork’s lower median line (LML) and now is back above the weekly pivot point (1.0841). Making an upside breakout from this pattern could signal more gains.

The ascending pitchfork’s median line (ML) is seen as a potential upside target if EUR/CHF makes a new higher high. Actually, the price action has developed an Inverse Head & Shoulders pattern.

Conclusion!

Jumping and stabilizing above 1.0868 high, which is seen as the neckline, validates an important growth.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.