• EURCHF broke resistance zone
• Likely to rise to resistance level 1.0550
EURCHF currency pair recently broke up through the resistance zone set between the key resistance level 1.0450 (which has been reversing the price from the start of December) and the 50% Fibonacci correction of the sharp downward impulse from the start of November. The breakout of this resistance zone accelerated the active impulse waves (i) and C.
Given the strength of the active impulse waves (i) and C and the rising bearish Swiss franc sentiment as seen across the currency markets today – EURCHF currency pair can be expected to rise further toward the next resistance level 1.0550 (target for the completion n of wave (i)).