The correction was predicted before a new dip. EURCHF price moves up and reverses back from the expected resistance area 1.14500.
The bearish movement may start from current market price and it could hit the support level again in a couple of days.
EURCHF Daily Technical Analysis
The expected falling wedge pattern is spotted in the daily technical chart of EURCHF and this pattern may confirm once the price will hit the support level again around 1.1250. The current market price is 1.13930.
We will look for the further movement once the pattern will confirm.
Alternately if price fails to fall back and move upside, then we will look for the break of 1.1500 for the new trend.
Please have a look at EURCHF daily technical chart below, I have mentioned the falling wedge range line.
EURCHF Daily Technical Chart
EURCHF Hourly Technical Analysis
We can see a break of rising wedge in an hourly chart which clearly indicates a bearish movement and the minimum target of this bearish move could be 1.1350 level.
We will look for further movement once the price hit this level.
The longer-term targets as per daily chart will remain the same.
Please have a look at Hourly EURCHF Technical chart below.
Hourly EURCHF Technical Chart
EUR CHF SUPPORT & RESISTANCE LEVELS
Support 1: 1.1350
Support 2 : 1.1160
Resistance 1 : 1.1450
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