EUR/CHF Price Forecast: Probing Base Of Triangle As Price Attempts To Break Out
- EUR/CHF is trading at the bottom of a Triangle pattern.
- The pair looks vulnerable to breaking lower.
EUR/CHF is probing the base of a Triangle pattern it has formed over the last three months (see chart below). It has broken below the bottom of the Triangle on an intraday but not a closing basis. That said, the base seems weakened and vulnerable to finally giving way.
EUR/CHF Daily Chart
(Click on image to enlarge)
A break below the 0.9339 November 13 low would probably confirm more weakness down to the next downside target at 0.9132, the 61.8% Fibonacci extrapolation of the height of the Triangle lower.
The bearish trend prior to the formation of the Triangle (Since May 27) further tips the odds in favor of a downside evolution.
More By This Author:
Silver Price Forecast: XAG/USD Drops To Nearly Two-Month Low, 100-Day SMA Breakdown In PlayGold Price Sticks To Gains Above $2,600 Amid Some Repositioning Ahead Of US CPI
Gold Price Hangs Near One-Month Low Amid Bullish USD, Bears Await Break Below $2,600
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not ...
more
Comments
