FxGrow Daily Technical Analysis – 09th Sept, 2015
By FxGrow Research & Analysis Team
EURCHF false-break from upward channel
Yesterday EURCHF has reached its highest level since 16 January. Bulls failed to stay over the resistance at 1.0960. There has been a rebound and return inside the upward channel. Price moves in a channel for a month and it is possible that now will move to the lower limit of that channel.
Right now, very important levels are 1.0960 and 1.0720. Their break will indicate the direction for some time. Currently, return to upward movement is more likely.
M30 time-frame looks more optimistic. After reaching new high there has been downward correction that stopped on the support near fibo 61,8%. EURCHF already may be after the correction and price will return to upward trend.
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