EUR/CHF 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CHF is a ‘sell' at the moment, being that the pair has formed a bearish channel. The upside is limited by a combination of the falling resistance line, May 25 high, and daily R1 at 1.0390, which may prove to be a good level for an entry. The immediate support level is at 1.0356, but the bears are unlikely to let go of the pair before the price falls to 1.03 francs, where EUR/CHF is to meet the lower boundary of the pattern. In the meantime, the SWFX market participants appear to be undecided with respect to the Euro, as 47% of open positions are long and 53% are short, meaning the overall sentiment is neutral. At the same time, only four-hour technical indicators support a bearish scenario.
© Dukascopy Bank SA
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