The EURCHF pair has been trading within a Rising Wedge pattern since the November 14 Low. Supported by the 1D MA50 (blue trend-line) but below the 1D MA200 (orange trend-line), this price action, even since September, resembles that since December 2021. The RSI sequences match and the trigger to sell was a Double Top after an initial rejection on the 1D MA200.
As a result, a Double Top rejection around the 1D MA200 would be a bearish signal for us, targeting the 0.964600 Support (1). On the other hand a break above 0.99550 would be bullish targeting the Lower Highs trend-line of the long-term Bearish Megaphone pattern.
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