EUR/CHF 1H Chart: Channel Down

EUR/CHF has been on the decline since Aug 15, but the Euro started to depreciate in an orderly fashion 50 hours ago, on Aug 16, while attempting to breach the 200-hour SMA.

In the end this endeavour turned out to be successful and the pair continues trending downwards. The closest notable area it is likely to encounter is at 1.2304, where the daily S1, together with the down-trend support, stand ready to initiate short-squeezing. In the meantime, the bearish bias is preserved by the resistances at 1.2337 (200-hour SMA; daily pivot point) and at 1.2361 (daily R1; down-trend line).