EUR/CHF: sell targets – 1.0300 and 1.0250
By: Dima Chernovolov
- EUR/CHF reversed from resistance level 1.0500
- Next sell targets – 1.0300 and 1.0250
EUR/CHF recently reversed down from the strong resistance level 1.0500. This is the 3rd consecutive reversal from this resistance level in the last two months (this level reversed waves (iv), 1 and (i), as you can see below). The resistance zone near the resistance level 1.0500 was strengthened by the upper daily Bollinger Band and by the 50% Fibonacci Correction of the previous sharp intermediate downward wave (B) from February. The downward reversal from the resistance level 1.0500 started the active minor correction (ii) – which earlier broke the Ascending Triangle from April.
EUR/CHF is likely to fall further toward the next sell targets 1.0300 and 1.0250. Strong resistance remains at 1.0800.