The EUR/CHF increased and continues to pressure a dynamic resistance. A breakout seems imminent right now as the rate stays in the buyer’s territory. I’ve said in the previous week that the rate could take out the dynamic support if will reach it.

We’ll see what will really happen because the rate has developed a Rising Wedge pattern, but this is far from being confirmed, that’s why the perspective remains bullish on the Daily chart.

Price is approaching the 1.1688 yesterday’s high, it will climb much higher if will have enough energy to close the day above this level. The Euro could remain strong on the short term and could appreciate versus its rivals if the USD will slide further.

The Euro increased on the mixed Euro-zone data, the Final CPI rose by 1.4% in October, matching expectations and reaching the 1.4% growth in the former reading period, while the Final Core CPI surged by 0.9%, has come in line with expectations and with the 0.9% growth in September.

You need to know that a failure to make new highs will send the rate tumbling in the upcoming period.

Price increased and has reached the sixth warning line (wl6) again, remains to see if will have enough directional energy to make a valid breakout above it. Price remains bullish and could jump much higher after the failure to retest the upper median line (uml) of the ascending pitchfork. I’ve said in the last week that the rate should climb higher and should take out the wl6 if will fail to retest the upper median line (uml) of the ascending pitchfork.

Price also failed to retest the fifth warning line (wl5) of the former descending pitchfork signaling that the bears are exhausted and that the bulls will take control again. A valid breakout seems imminent if will close above the wl6 or at least on this upside obstacle. Only a failure to close near the wl6 will signal an exhaustion and a potential drop.