EURCHF currency pair can be expected to fall further toward the next support level 0.9400.
– EURCHF reversed from resistance area
– Likely to fall to support level 0.9400
EURCHF currency pair recently reversed down from the resistance area located between the pivotal resistance level 0.9475 (former monthly low from June, acting as the resistance after it was broken at the end of July, as can be seen from the daily EURCHF chart below). The resistance level 0.9475 was strengthened by the 50% Fibonacci correction of the previous sharp downward impulse from the middle of July. The downward reversal from thus resistance zone continues the active intermediate impulse wave (3) from the end of May.
Given the clear downtrend that can be seen on the daily charts and increased Swiss franc inflows on global risk off sentiment , EURCHF currency pair can be expected to fall further toward the next support level 0.9400.
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