The EURCHF may have a double bottom as it tests the upper end of the daily channel.

The EURCHF has a double bottom developing after a major hold of the 1.1200 level support held a couple weeks back. This was a major breakout point from the beginning of 2016 as well. The fact that we may be possibly breaking out of a daily down channel could lead a move back towards the 1.1500 level and possibly much higher. The 200dma would be the first resistance in it’s trek towards forming a proper double bottom and that resistance is at 1.1415 currently.

EURCHF Double Bottom

Blake Morrow