• EURCHF reversed from major resistance area
• Likely to fall to 1.0800

EURCHF currency pair recently reversed down sharply from the major resistance area lying between the strong multi-month resistance level 1.0865 (which has been reversing the price from the start of June) and the upper daily Bollinger Band. The downward reversal from the resistance area stopped the (c)-wave of the previous minor ABC correction 2 from the start of November.

Given the strength of the aforementioned resistance area and the predominantly bullish Swiss franc sentiment seen across the currency markets today – EURCHF is likely to fall further toward the next support level 1.0800 (former multi-candle support level – which stopped the previous minor correction (b) at the end of last month).