EUR/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
It is a well-known fact that the Swiss Franc is pegged to the single currency. Therefore, pair's movement is limited by the pegged imposed by the SNB in 2011. Nevertheless, the pair can appreciate with no risks of intervention, and according to aggregate technical indicators on the 4H and daily charts, the movement to the north will continue. Furthermore, 73% of opened positions are long and recently, traders have turned more positive on the single currency in general. Taking it all into account, the outlook for the pair is bullish, with the first target for the long traders being located at 1.2230, while the next stop is weekly R1 and pattern's resistance at 1.2239.
© Dukascopy Bank SA
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