EUR/CHF 1H Chart: Triangle

Since the beginning of April the trading range of EUR/CHF has been narrowing, which has led to appearance of the symmetrical triangle. But the currency pair has just breached the pattern to the downside, meaning that the bias towards the Euro is negative.

In the short-term, however, there is a good chance of a rally.  The first target, namely Apr 28 low, has already been reached, and thus there is an increased possibility of a pull-back. This surge should be capped by 1.2187 (weekly PP and down-trend resistance), from where EUR/CHF will be expected to commence a long-term decline and aim for Apr 14 low at 1.2149.