EUR/CHF 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 194-bar long falling wedge pattern was formed by EUR/CHF on the one-hour chart in mid-February. The pattern represents a part of the long-lasting losing streak commenced after the pair reached a two-month high of 1.2395 in the very beginning of the year.
At the moment, EUR/CHF is trading slightly below the daily pivot point that lies at 1.2200 but is likely to widen the distance from this mark given that more than 56% of market participants are bearish on the currency couple. At the same time, technical indicators neither support nor gainsay market players, being neutral in short, medium and long terms.
© Dukascopy Bank SA
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