forexnoobmaster007
Long

Go long on EURCHF : Breakout of falling channel

FX:EURCHF   Euro / Swiss Franc
The pair has been moving in a falling channel pattern from the past three months. Yesterday, the pair tested the 1.08230 support level for the third time and again took a bounce, ending the day with a long bullish candle and creating a morning star pattern. Moreover, the upliftment in the pair was supported by the divergence between the prices and the RSI indicator. At the moment, the price is just below the resistance level of 1.09076. following breakthrough, the prices are expected to reach 1.10467. The support for the pair is the area between 1.07997 - 1.08229. This area is important and the stop loss should be below it or it can be the lowest level of the area i.e. 1.07997.
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