EUR/CHF breaks pattern

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Source: Dukascopy Bank SA


The EUR/CHF has broken the channel down pattern, which guided it since mid-September. The rate broke the pattern by trading sideways in a set range since the end of November. Namely, the pair finds support at 1.0377/1.0390 and resistance is located at 1.0450/1.0465.

If the rate breaks the resistance zone, it could stop at the 2020 low level at 1.0510 and the 1.0500 mark. Meanwhile, the 50-day simple moving average was approaching from above, as on December 23 it was located at 1.0524.

Meanwhile, a decline below the 1.0377 level might find support in the 1.0350, 1.0300 and 1.0250 levels, before reaching the 2015 post-unpegging low level at 1.0235.
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