EUR/CHF 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CHF started to trade in a narrow corridor shaped by two upward-sloping lines on August 30, when the pair plunged to a two-day low of 1.2283. After that, an accelerating advance took the currency couple above its 20-and 200-hour SMAs to more than a two-week high of 1.2368.
Currently, the pair is attempting to surpass the resistance at 1.2362 (four-hour R2), a rise above which would suggest on-going strength that may prompt a rally to the pattern's resistance sitting at 1.2371 (daily R1) and would push a two-week high back to the fore.
© Dukascopy Bank SA
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