EUR/CHF 1H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has neared the lower boundary of the double top pattern, which is represented by the valley between two tops, Jun 8 low and weekly pivot point at 1.0440. Supported by the daily S3 nine pips lower, the EUR/CHF currency pair is expected to commence a recovery and develop in the direction of recent high around 1.0565. The bullish idea is strengthened by the fact the 55-hour SMA is located above the 200-hour SMA, meaning that the pair is still in the up-trend. Moreover, 1H RSI and 4H Stochastic are giving "buy" signals, underlying the Euro's potential to grow. On the other hand, the majority of SWFX traders are favouring an appreciation of the Franc at the moment, namely 74% of them.
© Dukascopy Bank SA
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