On Friday, we saw a real roller-coaster for the EURCHF. Initially, bears were trying to break the support level @1.0830, when it failed bulls started to purchase and the price quickly approached the resistance level at 1.0920. As a result, on Friday EURCHF made a move of over 120 pips up at very high volatility in both directions.

Today we can see attempt to continue growth and EURCHF managed to reach the highest level in almost two weeks. Fast break of the resistance level at 1.0920 can fail and it can bring a shallow correction or consolidation under the resistance. But in the following days breaking of this resistance is likely, and if it succeeds it will aim area 1.0970 – 1.1000.

Breaking of 1.1000 is highly unlikely because it is a region of high not defeated in the last 4 months and especially at higher intervals we can see how strong it is and how big problems bulls have to break it.

2016-10-03_analiza_eurchf_h1

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Author of worldtrader.pl blog and big supporter of technical analysis. Active medium-term trader. In his analysis uses classical charts, price action as well as harmonic patterns and Elliott Waves. In trading he always tries to take into account two points of market's view, in accordance with the principle that each transaction may be attractive both for the demand and supply traders.