The common European currency has been guided by a nine-month ascending channel against the Swiss Franc. The exchange rate bounced off the bottom boundary of a dominant channel on June 23, 2017, and has since surged against the Franc.
A support cluster set by the weekly and monthly PPs near 1.1613 was proving enough support to push the price further north. However, the dotted line which shows the medium-term pattern is restricting the currency pair from making any further gain at the time of this analysis.
As for near future, the EUR/CHF pair is likely to make a temporary retracement south for a test of either the weekly R3 or the monthly R1
