EUR/CHF Price Prediction: Downside breakout from Triangle confirmed
|- EUR/CHF confirms its downside breakout from a Triangle pattern.
- It is likely to continue lower, especially given the bearish market action prior to the Triangle’s formation.
EUR/CHF cements its bearish breakout from a Triangle pattern and declines.
It has now fallen below the confirmation level for the pattern at 0.9339, the November 13 low, and will thus probably confirm more weakness down to the next downside target at 0.9132, the 61.8% Fibonacci extrapolation of the height of the Triangle lower.
EUR/CHF Daily Chart
EUR/CHF has found support at the 0.9307 September 11 lows (red dotted line). A break below the low of Tuesday at 0.9304 would confirm more downside to the aforementioned target (red dashed line).
The bearish trend prior to the formation of the Triangle (Since May 27) further tips the odds in favor of a downside evolution.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.