Hello traders! Today there might be an interesting opportunity on the EUR/CHF currency pair. It seems that the consolidation phase has been initiated and a pair stuck between 1.0530 support and 1.0620 resistance levels.
But at the same time, we can see that price producing lower lows and lower highs, at least up until now. This means that the probability of the decline remains very high. At the same time, the RSI oscillator has formed a bearish divergence, which adds extra confidence to the upcoming wave down.
However, if current resistance is broken with 1h and4h close above today’s’ high at 1.0627, bearish outlook will be invalidated and pair might reverse to the upside.
Bias: Bearish while below 1.0627
Potential Resistance Zone: 1.0620 – 1.0630
Potential Targets: 1.0530
Have a profitable trading!