EUR/CHF has been recovering and has been in a bullish trend on shorter time frames for the last 4 months. The price has recovered almost 3.7% since then. EUR/CHF has been in a bearish trend for the last couple of years. However, the tide finally seems to be shifting in the favor of bulls as it is making higher highs.

The price recently broke and closed above the previous and resistance around 0.95530. I am expecting the price will make a correction after the recent rally and could retrace back to the 0.95230 support level before heading for new highs.

I am considering the 0.95230 support level for long entries as it is around the 0.786 Fibonacci level. The 0.95230 is also a key support level as it was a major resistance previously. Moreover, there is a bullish order block and fair value gap around the same price which are additional confirmations of potential long opportunity around the 0.95230 level.

Fundamentally, the CPI data will be published on the Swiss Franc on Monday and if the data turns out positive for CHF the price of EUR/CHF will drop and if the data turns out negative for CHF the price of EUR/CHF will go up.

•  EUR/CHF recently broke above the previous high of 0.95530.
• The price is likely to reach the 0.96516 resistance in the coming days.
• Multiple take-profit levels have been added to secure profit along the way.
• The risk-to-reward ratio on this trade is 1:4.7.
• The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
• Good luck!

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