EUR/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the beginning of 2014, the single European currency has been in the down-trend against the Swiss Franc. Although EUR/CHF managed to pare some losses during the last four days by forming a bullish corridor, the pair is not likely to prolong its winning streak since it broke through the lower limit of the pattern one hour earlier, signalizing that a bearish breakout may have happened. Traders also more in favour of a decline, with over 55% of positions being short. However, the pair still has a prop represented by the 200-hour SMA at 1.2163 that is reining the bears at the moment and may withstand the downside pressure in the hours to come.
© Dukascopy Bank SA
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