EUR/CHF 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rise to a one-month high of 1.2415 on September 11 incited a sharp depreciation of the pair that has been vacillating between two downward-sloping lines thus forming a channel down pattern. After bouncing off a one-week low of 1.2341 on September 13, EUR/CHF neared its daily support region at 1.2351, and traders expect the pair to advance further (61% of market players bet on an appreciation of EUR/CHF). On the other hand, the potential for the downside also remains strong, given a recent death cross of short-and long-term SMAs as well as bearishness of the pattern.
© Dukascopy Bank SA
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