- EURCHF broke daily down channel
- Further gains are likely
EURCHF continues to rise inside the short-term upward correction (ii) – which previously broke through the resistance level 1.1300 (likely upward target motioned in our earlier forecast for this currency pair).
The breakout of the resistance level 1.1300 led to the breakout of the resistance trendline of the daily down channel from October – intersecting with the 61.8% Fibonacci correction of the previous downward impulse (i) from February.
EURCHF is expected to rise further and re-test the next resistance level 1.1430 (top of the previous correction 2).