EURCHF has been trading in a downtrend for some time already. Taking a look at the pair at D1 interval, we can see that the ongoing upward correction has reached a key resistance zone. The 0.9540 area is marked with the upper limit of the market geometry, previous price reactions as well as 100-period exponential moving average. In case the pair fails to break above this area, one cannot rule out resumption of a downtrend with recent lows being the first target. On the other hand, a break above the 0.9540 resistance may hint at a bullish trend reversal. In such a scenario, buyers may target 0.9675 area marked with previous price reactions as well as 50% retracement of the downward wave.
Source: xStation5
