Daily Forex Technicals |
Written by FXTimes |
Mar 06 13 14:09 GMT
EUR/CHF Breaks Falling Channel; Bullish Continuation?
Channel Break: The EUR/CHF is trading in a rising channel, which is anchoring above a falling channel of a larger degree cleared above 60 to show loss of bearish momentum, and tagged 70 to show start of bullish momentum. The 4H RSI reading The breakout now opens up the 1.2366 and 1.2385 resistance pivots as the near-term target.
Bullish continuation: The bullish breakout tells us that the market is supported at the previous consolidation range that spanned from Sept. 2012 to Jan 10 before the market started to take off like a rocket. In a sense this price action is telling us the EUR/CHF has built a bottom above the 1.20 SNB floor. If so, then a break above 1.2385 should continue the bullish outlook, at least with pressure toward the 1.25 handle and 1.2567 high.
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