EUR/CHF 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
It seems a sharp rally of the Euro against the Swiss Franc that took place a day earlier exhausted the pair's potential at a time when the instrument needed a bullish impulse to settle above the upper trend-line of a falling wedge pattern.
Currently, the pair is headed towards the pattern's upper trend-line but a return to the formation still seems unlikely given a strong support area at 1.2156/5 ( 200-hour SMA and daily PP) as well as bullishness on the SWFX – more than two-thirds of market players hold long positions. Technical data also props up this view in the medium-term but points to a possible weakness in the longer period.
© Dukascopy Bank SA
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