Euro to franc quotations since September last year have been moving in a consolidation . Its upper limit was around 1.1470, while its lower limit was around 1.1180.
As can be seen from the EUR/CHF weekly chart below, a successful consolidation support test took place in the first week of June, resulting in a bullish pin bar formation. The rebound from the bottom band of the range was not significant.
Last week, on the other hand, sellers entered the market with impetus and this time they decisively broke the support within 1.1180. A price action of this type indicates the potential for further decreases.
The zone at 1.1180 has now turned into a resistance where traders can look for sell opportunities if it is tested again. The closest target for declines may be a zone around the level of 1,1000.
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