3 Nov 2020
EUR/CHF Price Analysis: Carves out an inverse head-and-shoulders on 4H
- EUR/CHF needs to clear the hurdle at 1.0707 to confirm breakout.
- Rejection at that level could invite stronger selling pressure.
EUR/CHF has created an inverse head-and-shoulders pattern with resistance at 1.0707, as seen on the 4-hour chart.
Acceptance above the resistance would confirm breakout or bearish-to-bullish trend change and open the doors to 1.0746.
A move to that level would confirm an upside break of the trendline falling from Sept. 28 and Oct. 8 high and bolster the bullish outlook.
However, if the inverse head-and-shoulders hurdle proves a tough nut to crack, fresh selling toward 1.0668 may be seen.
4-hour chart
Trend: Bullish above 1.0707