EUR/CHF is currently displaying a bullish pennant flag pattern, which can be seen on both the H2 and H4 time frame.
I will be awaiting confirmation for a long position. I will be looking for price to break above the upper descending trend line to provide an indication of a continued bullish move.
. There is a possibility of temporary retracement to suggested support line (1.0583). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. EURCHF is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support....
Broken rising wedge pattern to the downside on EUR/CHF. 50 sma also broken adding to confluence.
1:2 R/R available if traded on a pull back to the broken resistance line.
More potential downside if next support is broken and the price falls down to its inception point.