EUR/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 161-bar long channel up has been formed by EUR/CHF currency pair in mid-April. However, it is important to mention that trading range is narrowing slowly, hence, it can be a rising wedge as well. Therefore, the breakout can happen relatively soon and we will see some major moves, even despite the fact the EUR/CHF is one of the least volatile pairs on the market. Technical indicators are pointing at pair's further appreciation, while market sentiment is extremely bullish (72%). Keeping it all in mind, the outlook for the pair is bullish, and long traders should focus on several important resistance levels– May's high at 1.2238 and a vital level at 1.2250.
© Dukascopy Bank SA
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