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EURCHF Wave Analysis – 29 January, 2019

  • EURCHF broke resistance level 1.1330
  • Further gains are likely

EURCHF continues to rise after the earlier breakout of the resistance level 1.1330 (which has been reversing the price from the middle of December) – intersecting with the 50% Fibonacci correction of the downward impulse 1 and the resistance trendline of the daily Descending Triangle from July.

The breakout of the aforementioned resistance levels accelerated the active short-term impulse wave (c) – which belongs to the ABC correction 2 from the start of last January.

EURCHF is expected to rise further and re-test the next resistance level 1.1400 (target price for the completion of the active wave 2).

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Source: FxPro


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