EURCHF is trading in a range between 1.1500 and 1.16550 for a couple of weeks. This trading range forming a bearish flag pattern in a weekly time frame chart but when we look for the daily chart, the overview is different and expecting a small bullish move before a market fall.
I am sharing weekly and daily technical analysis below to get an idea for upcoming moves.
Weekly Technical Analysis Forecast
The bearish flag pattern is basically a trend continuation pattern and it is indicating that the market may fall throughout after breaking the support of this bearish flag shown in the chart below. The support level is around 1.1500 which is also become the watching zone for the overall trend.
However, the price could also make a bullish move before a reversal but we have a look the range for that expected bullish move in a daily time frame chart. Meanwhile please have a look at weekly technical chart below to get the main idea.
Weekly EURCHF Technical Chart
Daily EURCHF Technical Analysis
The small rising wedge is forming in a daily technical chart in EURCHF which makes us think for a bullish move before a falling move. The support of rising wedge is around 1.16100 and the bullish may confirm once the price break above the 1.16550 level. The minimum bullish target as a medium-term could be 1.1750.
Our longer-term thoughts are still bearish and we will look for the higher price for a selling trade from the peak.
Please have a look at EURCHF technical chart below, I have mentioned and drawn a possible movement diagram of falling wedge pattern.
EURCHF Daily Technical Chart
EURCHF SUPPORT & RESISTANCE LEVELS
Support 1: 1.1500
Resistance 1 : 1.16556
Resistance 2 : 1.1700
Resistance 3 : 1.1750
Note: Never risk more than 2% of your capital in a single trade and always trade with proper money management plan.