EUR/CHF 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While at first it seemed as if EUR/CHF was forming a bearish channel, later on it turned out to be a triangle. The currency pair is now ready to break out of the pattern, considering how close it is already to the apex. Taking into account that since May the market has been bearish, there is an increased likelihood of a sell-off, which could potentially extend down to the daily S1 and Jun 6 low at 1.2167. And while the technical indicators are in favour of this scenario, especially on the four-hour and daily time frames, the majority of the SWFX market participants are presently holding long positions on the single European currency against the Franc, namely 72% of them.
© Dukascopy Bank SA
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