• EURCHF broke resistance area
• Likely to rise to resistance level 1.09
EURCHF currency pair recently broke the resistance zone located between the round resistance level 1.0835 (which has been reversing the price the end of July) and the 50% Fibonacci correction of the earlier sharp downward impulse wave 1 from the end of June. The breakout of this resistance area accelerated the active short-term corrective wave 2.
Given the continued bearish Swiss franc sentiment seen across the FX markets today – EURCHF currency pair can be expected to rise further toward the next resistance level 1.09 (intersecting with the daily down channel from March, target price for the completion of the active wave 2).