Technical Analysis
The EUR/CHF 1-hour chart highlights a clear breakout from a symmetrical triangle consolidation pattern, indicating bullish momentum. The price has decisively breached the upper trendline resistance near 0.9335 and surged above the last top resistance at approximately 0.9343, signaling a strong upward impulse.
Key levels and technical observations:
• Support Levels: The previous triangle resistance at 0.9335 now acts as support. Additional support is near 0.9320 (the recent swing low).
• Resistance Levels: Short-term resistance targets lie at the Fibonacci extension levels of 127.2% (0.9349), 141.4% (0.9352), and 161.8% (0.9356). A sustained move beyond these levels could open further upside potential.
Alternative Scenario:
If EUR/CHF fails to hold above the breakout zone and drops back below 0.9335, the pair could revisit the triangle apex and the 61.8% Fibonacci retracement near 0.9335. A breach below this would invalidate the bullish breakout and open the door for a retest of the recent low near 0.9320, risking a reversal to the downside.
The EUR/CHF 1-hour chart highlights a clear breakout from a symmetrical triangle consolidation pattern, indicating bullish momentum. The price has decisively breached the upper trendline resistance near 0.9335 and surged above the last top resistance at approximately 0.9343, signaling a strong upward impulse.
Key levels and technical observations:
• Support Levels: The previous triangle resistance at 0.9335 now acts as support. Additional support is near 0.9320 (the recent swing low).
• Resistance Levels: Short-term resistance targets lie at the Fibonacci extension levels of 127.2% (0.9349), 141.4% (0.9352), and 161.8% (0.9356). A sustained move beyond these levels could open further upside potential.
Alternative Scenario:
If EUR/CHF fails to hold above the breakout zone and drops back below 0.9335, the pair could revisit the triangle apex and the 61.8% Fibonacci retracement near 0.9335. A breach below this would invalidate the bullish breakout and open the door for a retest of the recent low near 0.9320, risking a reversal to the downside.
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