• EURCHF rising inside impulse wave (iii)
• Likely to reach resistance level 1.11500
EURCHF continues to rise inside the sharp minor impulse wave (iii) which started earlier from the combined support area lying between the key support level 1.1000 (which formed the two daily consecutive Bullish Engulfing reversal patterns), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp upward impulse from start of February. The upward reversal from this support area stopped the earlier weekly downward impulse wave (3).
Given the strength of the active bearish sentiment affecting the Swiss franc – EURCHF is likely to rise further toward the next key resistance level 1.11500 (top of the previous minor impulse wave (i) from the start of March).