EUR/CHF 4H Chart: Channel Up

There is a risk the Euro will fail around the current trading level and will be forced to go under the lower edge of the bullish pattern. This scenario is forecasted by daily technical indicators. Moreover, 66% of all traders are betting on a drop of EUR/CHF. At the same time, the latter fact is rather backing the bulls in the long-term. Weekly studies are also giving signals to acquire EUR next week. The bulls should rely on the 200-period SMA at 1.0991. If this line, which guards the uptrend, succeeds in creating a heavy enough demand for the European currency, it should surge above 1.106 (100-period SMA) and move further to the upside. A drop below 1.0981, however, will expose the monthly S1 at 1.0887.