EUR/CHF Breakdown of a Falling Triangle

Yesterday, the pair retested the break to the bottom trend line and headed down again. If it continues like this, we can expect it to fall to the next lower support to 1,065,000. The Swiss authorities have warned that there has been a worrying increase in the number of patients in all cantons and all age groups in the past few days, with a simultaneous increase in hospitalized patients.
In Switzerland, 3,105 new cases of covid-19 were confirmed last Friday, the highest number of new cases in a day since the pandemic began, and today the number has risen to 8,000. In the rest of Europe, the number of new cases is also rising rapidly. Introduce new protection measures. It is recommended to work from home if possible to reduce the number of contacts of people. At today’s European market session, we have a lot of important economic news: Britain, France, Germany. For now, the data are mixed. As Germany reports a record number of new infections, a debate is raging in the country over how helpful its smartphone contact-tracing app is to contain the coronavirus’s spread.
The controversy was sparked by a comment from Bavaria’s outspoken state premier Markus Söder, who told a newspaper earlier this week that so far, the app had done little to help curb infection rates. Chancellor Angela Merkel’s government in Berlin, however, stands firm in defending the technology. This app is one building block in fighting and potentially containing this pandemic, ”Deputy Government Spokesperson Ulrike Demmer told reporters Wednesday.
But she also acknowledged that “of course, there are limits to what this app can do because we’ve deliberately decided to use a model which is in line with our data protection standards and uses very little data.”
More than four months after Berlin launched its app, critics say that as little as 5 percent of all infected Germans have used it to warn others. They also question how well the program performs in registering potential infections.
However, a collective report for the Eurozone from The Manufacturing Purchasing Managers’ Index is expected today to estimates it should be better than expected. Traders need to pay attention to whether another retest on the break trend line will be possible if the news is good, and the coronavirus will help the Swiss franc break the Euro.