EUR/CHF Ready To Break From The Channel-Down Formation

For almost four weeks, the EUR/CHF has stayed in a channel-down formation restricted by the blue lines. For the past three days, buyers have been looking for an opportunity for a bullish breakout and they are creating higher lows and higher highs. The short-term uptrend is supported by the red line.

EURCHF

Currently the price is very close to the long-term resistance (upper blue line), and is putting constant pressure on this area. If buyers manage to break it, there will be a chance that it will start a bullish correction. There is also a chance that sellers will break the red line and continue the downswing that started on May 22.

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