Right now the EUR/CHF pair is trading in the corridor between the Fibonacci levels of 61.8 and 100.0, in the range of 1.1255 and 1.1520 respectively. At the moment, the price is testing the upper resistance level at 1.1520 and is trading at 1.1527.
The moving averages (34, 55, 89, 144) and indicators (RSI, Stochastic) indicate that presently there is an upward movement. Still, we need to wait for the next candle, which will be able to confirm or deny the penetration of the resistance level and the fixation above this level. In this case, the upward movement may amount to 50% of the current corridor and amount to 130pp and our target will be 1.1650. After that an adjustment is expected.
In the event that the price cannot be fixed above 1.1520 and return to the corridor, we expect a rebound from the resistance level to the center of our flat to the level of 1.1390.
For today no important events for the Swiss franc are expected. According to the Eurozone at 12.00 (GMT +3), the economic sentiment index in Germany for September was 17.0 instead of the forecasted 12.5, which had little support for the single currency.
We expect a confirmation of the breakout or a rebound to install our S/L and T/P in levels.
