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 reversed from support zone
- EUR/CHF reversed from support zone
- Next buy target - 1.1530
EUR/CHF earlier reversed up twice from the support zone lying at the intersection of the key support level 1.1280 and the 38.2% Fibonacci correction of the previous sharp upward impulse from the end of June. The upward reversal form this support zone is aligned with the active intermediate impulse wave (3) – which belongs to the primary upward impulse Ⓒ from last year. With the daily momentum near yearly highs - EUR/CHF is expected to rise to next buy target at the next resistance level 1.1530.
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.