EUR/CHF 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro-Swiss Franc cross has been moving in a downtrend for more than a month, however, recently a pair moved straight to pattern's resistance line, suggesting bulls are determined to penetrate this level, meaning an end to the downtrend. At the moment of writing 70% of all opened positions were long, while short term technical also sending "buy" signals, adding to signs bulls will be able to push the pair up to the upper trend line. Nevertheless, aggregate technical indicators on medium and long terms are sending either "sell" or "neutral" signals. Moreover, we should keep in mind a 1.20 ceiling imposed by the SNB 2 years ago.
© Dukascopy Bank SA
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