EUR/CHF moves sideways in the short term trying to accumulate more bullish energy before coming back higher. It’s trapped within a minor triangle pattern, escaping from this formation could bring a great trading opportunity.
The ECB and the Euro-zone manufacturing and services data could bring high action on this pair during the week. The pressure is still high, that’s why we have to wait for confirmation before going long.
EUR/CHF confirmed the ascending pitchfork’s lower median line (LML) as a dynamic support. Making a new higher high, to jump and close above 1.0868 could attract more buyers.
In the short term, EUR/CHF could climb towards the median line (ML) as long as it stays within the pitchfork’s body. Technically, the bullish scenario could be invalidated by a breakdown through the lower median line (LML).
EUR/CHF could come back down to test and retest the support levels before jumping higher. Its failure to reach the minor downtrend line may signal a temporary decline. The price could retest the weekly pivot point of 1.0841 before jumping higher.
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