The market is going to test the closest support at 1.4069 - 1.4027. If a pullback from these area happens little later on...
EUR/CHF broke resistance level 1.1610
- EUR/CHF broke resistance level 1.1610
- Next buy target - 1.1730
EUR/CHF today broke above the strong resistance level 1.1610 (which stopped the previous minor impulse wave (i) in September, as can be seen from the EUR/CHF chart below). The breakout of the resistance level 1.1610 continues active minor impulse wave 3 – which is a part to the intermediate impulse wave (3) from the end of June. EUR/CHF is expected to rise to the next buy target at the next resistance level 1.1730 (forecast price for the completion of the active impulse wave (3)).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.