EUR/CHF 30M Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CHF put an end to the downtrend with a double bottom formation at 1.0687. The pair had not attacked levels as low since the Brexit dip and August 2015 before that, meaning that it is highly likely that the neckline at 1.0753 will break. The rate will face the 1.0717/22 cluster of resistances, 1.0738 and then 1.0748 before the neckline is reached. In the current consolidation, the rate has sketched a small-scale symmetrical triangle, and the initiated up-wave suggests that bullish potential is built up and the surge will be sustainable. The pair might still have some trouble exiting the low-volatility trap it is currently in, caused by 100 and 55-period SMAs squeezing it from both sides.
© Dukascopy Bank SA
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