EUR/CHF remains in pattern

Source: Dukascopy Bank SA


Since the last review in July, the EUR/CHF has continued to trade in a large scale channel down pattern. However, the rate was fluctuating up and down between 0.9680/0.9700 and 0.9400/0.9420. Most recently, at the start of December the pair approached the 0.9400/0.9420 range's support.

A potential recovery of the Euro against the Swiss Franc could encounter resistance in the combination of the August 2022 low level at 0.9560 and the 50-day simple moving average. Above these levels, note the upper trend line of the channel down pattern and the 200-day simple moving average. These levels could act as resistance near 0.9600.

On the other hand, a decline of the pair below 0.9400 could be slowed down by the 0.9350 and 0.9300 levels, before approaching the lower trend line of the 2023 channel down pattern.
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