Select Language

EUR/CHF Price Forecast: Triangle pattern completing, breakout to follow

Breaking news

EUR/CHF Price Forecast: Triangle pattern completing, breakout to follow

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
New update 2024.11.08 23:03
EUR/CHF Price Forecast: Triangle pattern completing, breakout to follow

update 2024.11.08 23:03

  • EUR/CHF has formed a Triangle pattern which looks poised to breakout
  • A downside break is marginally more probable given the longer-term trend is bearish. 

EUR/CHF has formed a Triangle pattern over the last three months which looks like it is on the verge of completing as it tapers to a tip at around 0.9400. A breakout should soon follow. 

EUR/CHF Daily Chart

Since the market activity prior to the formation of the Triangle (Since May 27) was bearish and the longer-term trend is probably also down, the odds slightly favor a downside breakout. 

If EUR/CHF pierces below the lower boundary line of the Triangle and falls below the 0.9307 level (September 11 lows) it will probably confirm an authentic breakout. The next target to the downside would lie at 0.9132, the 61.8% Fibonacci extrapolation of the height of the Triangle lower. 

An upside breakout - though less likely - is possible. A move above the 0.9508 high of September 25 would probably confirm a bullish breakout and extend to the 0.9581 Fibonacci 61.8% target for the Triangle higher. 

The Average Directional Index (ADX) measures how strong the price is trending. At 14.13 it is currently relatively low, suggesting it will soon start rising again as price begins its next directional phase of development.  

 


Date

Created

 : 2024.11.08

Update

Last updated

 : 2024.11.08

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.

Was this article helpful?

We hope you find this article useful. Any comments or suggestions will be greatly appreciated.  
We are also looking for writers with extensive experience in forex and crypto to join us.

please contact us at [email protected].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

USD/JPY Price Forecast: Pulls back to major trendline, uptrend still intact

USD/JPY has pulled back to support from a major trendline for the long-term uptrend at about 152.55.
New
update2024.11.09 00:16

EUR/GBP Price Analysis: Negative trend continues, downside risks prevail

The EUR/GBP fell towards 0.8310 as sellers continue pushing downwards but will face strong support at the psychological 0.8300 area.
New
update2024.11.09 00:15

US UoM Consumer Confidence Index improves to 73 in November vs. 71 expected

Consumer confidence in the US improved in early November, with the preliminary University of Michigan's Consumer Sentiment Index rising to 73 from 70.5 in October.
New
update2024.11.09 00:05

Trump 2.0: A major shift in US economic policy - Rabobank

Trump's clear and swift victory in the US presidential election has prevented turmoil in financial markets and more importantly political violence in the streets, Rabobank's Philip Senior US Strategist Marey notes.
New
update2024.11.08 23:58

GBP/USD Price Forecast: Falls deeper below 1.3000 on strong US Dollar

The Pound Sterling dropped from around 1.2980 on Friday as the Greenback recovered some ground following Thursday's losses.
New
update2024.11.08 23:56

China's crude oil imports fell again in October - Commerzbank

China imported less crude oil in October as well. According to customs data, crude oil imports fell by 9% year-on-year to 44.7 million tons, or 10.5 million barrels per day, Commerzbank's commodity analyst Carsten Fritsch notes.
New
update2024.11.08 23:38

GBP/CAD Price Prediction: Rising Wedge pattern could be vulnerable to break down

GBP/CAD recovers to trade back inside its Rising Wedge pattern after temporarily falling below the lower boundary line.
New
update2024.11.08 23:31

EUR/CHF Price Forecast: Triangle pattern completing, breakout to follow

EUR/CHF has formed a Triangle pattern over the last three months which looks like it is on the verge of completing as it tapers to a tip at around 0.9400.
New
update2024.11.08 23:02

USD/CAD climbs above 1.3900 as US Dollar bounces back, Canadian job data falters

The USD/CAD pair jumps above the key resistance of 1.3900 in Friday's North American session.
New
update2024.11.08 22:53

Canada Unemployment Rate stays unchanged at 6.5% vs. 6.6% expected

Statistics Canada reported on Friday that the Unemployment Rate in Canada remained unchanged at 6.5% in October.
New
update2024.11.08 22:40

Disclaimer:arw

All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

  • Facebook
  • Twitter
  • LINE

Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy

I agree
share
Share
Cancel