The common European currency has appreciated substantially against the Swiss Franc since mid-June 2017.The upwards moves have been constrained in an ascending channel.
During the past few weeks, the Euro has failed to make any further movement north as the EUR/CHF pair encountered a period of consolidation. Due to this reason, a flag pattern has been formed as can be observed on the chart.
Technical indicators suggest that a breakout is likely to occur through the upper boundary of a rectangle during the following trading sessions. However, it is important to note that the nearest resistance that could hinder the exchange rate to make upside moves is located near 1.1768.
