The EUR/CHF pair has been gradually declining since the 25th of September 2015, with the sellers leading the price from as high as 1.0982 to as low as 1.0870.
In particular, during the course of the day on Wednesday, the currency pair decelerated aggressively, testing the 1.09 handle from 1.0942 to 1.0870. Taking into consideration that there is a substantial amount of support below the 1.09 area and the formation of the most recent bullish candlesticks, the buyers are expected to gain momentum and push the price higher. Provided that the price breaks above the zone of 1.0913, profit targets could be set at 1.0926 and 1.0939 in extension.
Alternatively, in the scenario where the sellers manage to withhold their downward pressures and the price breaks below 1.0870, the pair could fall down to 1.0822.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.