• EURCHF broke multi-month resistance level 1.0885
• Likely to test resistance level 1.0970
EURCHF continues to rise strongly after the price broke above the strong multi-month resistance level 1.0885 (which has been steadily reversing the price from the start of June as can be seen from the daily EURCHF chart below). The breakout of the resistance level 1.0885 accelerated the active short-term impulse waves (iii) and 3 – which belong to the sharp upward intermediate impulse wave (C) from end start of November.
Given the strength of the broken resistance level 1.0885, the clear multi-month uptrend and the strengthening euro bullish sentiment seen across the FX markets today – EURCHF currency pair is likely to rise further toward the next resistance level 1.0970 (target for the completion of the active impulse wave (iii)).