EUR/CHF 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CHF is poised for more strength in the foreseeable future, as the pair is bounding off the lower boundary of the channel up pattern. Additionally supported by the daily pivot point, the Euro is expected to breach the first daily resistance at 1.1120 later today, thereby paving the way for a growth of more 20 pips. There, at 1.1140, EUR/CHF is going to encounter the daily R2 together with the weekly R1. Technical indicators, by being bullish on all time frames, are suggesting the cross will be able to reach the pattern's upper edge at 1.1156. From there EUR/CHF is estimated to make another leg to the downside. Meanwhile, SWFX traders are 65% bearish for the moment.
© Dukascopy Bank SA
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