If you look at the EURCHF chart, you will notice that the volatility in this pair has been low in recent months. Since mid-August, the price has remained in the range of 300 pips between 1.12 and 1.15. As if that wasn’t enough, there is more or less a resistance/support in the middle of this range, which further reduces the range of movement on this pair.
EURCHF still in narrow range
Let us look at the current situation on the chart. For more than a month the bulls on EURCHF have been unable to overcome the resistance of 1,1330. Several times there was a rebound in its vicinity. On Friday there was another unsuccessful attack, and the new week started with increases, so we can expect another resistance test.
If it is defeated, the exchange rate of the euro against the Swiss franc will have an open path to a significant resistance of 1,1500. In case of a rebound, bears can push the price back to the lows at 1,1200-20. Only if they break out of the mentioned channel it may permanently determine the sentiment on the pair.
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