The common European currency has been trading in an ascending channel against the Swiss Franc since early September. The exchange rate pullback from the lower boundary of the pattern at 1.1200 on September 7 and had since increased its trading range.
The currency pair breached the upper boundary of a long-term descending channel at 1.1456 during the Asian session on Tuesday.
If this resistance level formed by the upper border of the channel holds, the EUR/CHF pair could target a support cluster set by the 100-hour SMA and the weekly PP at 1.1417 today.
However, if the pair passes the resistance line, the currency exchange rate will aim at the 1.1503 area during the following trading sessions.
