- EURCHF reversed from resistance area
- Further losses are likely
EURCHF recently reversed down from the resistance area lying at the intersection of the key resistance level 1.1430 (which has been reversing the price from February), 50% Fibonacci correction of the downward impulse from July and the upper daily Bollinger Band.
This resistance area was further strengthened by the resistance trendline of the daily down channel from October. The downward reversal from this resistance area stopped the earlier short-term ABC correction (ii).
EURCHF is expected to fall further and re-test the next support level 1.1300.