EUR/CHF technical analysis (this is a bit dated)

Technical Analysis

Author: Eamonn Sheridan | eurchf

Via Société Générale's FX Weekly is this on EUR/CHF

Its dated 27 July, so a little prior to the later part of the surge. EUR/CHF has already hit the first target SG mention, and the second - but pderhaps this will be of some interest.

EUR/CHF has defended the lower limit of a multi-month descending channel and the lows of 2016 at 1.0622, as well as the 61.8% retracement of the up-move from 2015, and formed an inverse head and shoulders pattern.
  • After confirming that formation, it is now crossing above the upper bound of an up-sloping channel, suggesting the up-move is set to accelerate further.
  • The pair should now head towards the potential of the formation at 1.1350, with the possibility to reach the next projections for the fifth wave from an Elliot perspective near 1.1410.
  • We see a near-term support at 1.11.
Its Elliot Wave analysis, so perhaps the ForexLive EW people can weigh in with a 'What's next'?



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