EUR/CHF 1D Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the moment EUR/CHF is attempting to break out of the symmetrical triangle it has been actively forming since the beginning of January. The currency pair is eroding the upper edge of the pattern 1.22, which consists of the down-trend line and monthly PP. If it succeeds, the rally will most likely extend at least until 1.2250. There, however, the Euro is going to hit a cluster of resistances, namely Apr 4 high, monthly R1 and 200-day SMA. And while this scenario is not supported by the technical indicators, the SWFX market seems to be in favour of such a course of events, being that as many as 73% of the traders are currently holding long positions on EUR/CHF.
© Dukascopy Bank SA
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