EURCHF Technical Analysis Report 13 February, 2024
EURCHF currency pair today broke the key resistance level 0.9470 (which formed the top of wave A of the active ABC correction (2) from the end of December).
– EURCHF broke key resistance level 0.9470
– Likely to rise to resistance level 0.9545
EURCHF currency pair today broke the key resistance level 0.9470 (which formed the top of wave A of the active ABC correction (2) from the end of December, as can be seen from the EURCHF chart below), coinciding with 50% Fibonacci correction of the previous sharp downward impulse from the middle of November. The breakout of the resistance level 0.9470 accelerated the sub-impulse wave I of the C-wave of the active ABC correction (2).
Given the acceleration of the active C-wave and the strong bearish pressure on the Swiss franc currency as seen across the FX markets today sentiment (on safe haven outflows) – EURCHF currency pair can be expected to rise further toward the next resistance level 0.9545 (top of wave 4 from December and the target for the completion of the active impulse wave C).
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