EUR/CHF Price Prediction: Falling lower after break out from Triangle pattern

EUR/CHF declines to new lows after breaking out of a Triangle pattern.
It is likely to continue lower according to technical analysis theory.

Joaquin Monfort FXStreet

EUR/CHF falls lower after breaking out of a Triangle pattern. It will probably continue to decline until it reaches the next downside target, which has been revised up to 0.9145 - 0.9150. This is the 61.8% Fibonacci extrapolation of the height of the Triangle lower, the target generated using technical analysis theory.

EUR/CHF Daily Chart

The bearish trend prior to the formation of the Triangle (Since May 27) further tips the odds in favor of a downside evolution.

Another potential support level and more conservative target is the key August 5 low at 0.9210.

Author

Joaquin Monfort

FXStreet

Joaquin Monfort is a financial writer and analyst with over 10 years experience writing about financial markets and alt data. He holds a degree in Anthropology from London University and a Diploma in Technical analysis.

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