EURCHF at important support. 1.14 in sight?
The EURCHF pair has reached once again an important support level which can be seen on the weekly chart. The support is formed by a confluence of the 61.8% Fib level and a strong horizontal support - the lower levels of the recent range.
Shorter-term charts shows a symmetrical triangle pattern which may soon break out to the upside. The pair may retest the upper range levels around 1.14xx if the mentioned support levels show to hold.
The RSI on the daily also shows a bullish divergence.
Short-term risks include today's ECB meeting with an expected dovish tone from Draghi, given the recent dovish stance from the Fed and the RBA.
Shorter-term charts shows a symmetrical triangle pattern which may soon break out to the upside. The pair may retest the upper range levels around 1.14xx if the mentioned support levels show to hold.
The RSI on the daily also shows a bullish divergence.
Short-term risks include today's ECB meeting with an expected dovish tone from Draghi, given the recent dovish stance from the Fed and the RBA.
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