EUR/CHF 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CHF has been falling since it touched a one-month high of 1.2415 on Sep 11; however, a formation of the channel down pattern started only on Sep 17. Since then, the pair has been faltering between two steep downward-sloping lines, reaching a four-month low of 1.2215 on Sep 30, the level which acted as a prop and helped the pair to appreciate slightly. Currently, EUR/CHF is trading near its 50-hour SMA at 1.2239 that represents a strong resistance; the pair is not likely to overcome this level and is expected to decline in the days to come as suggested by the market players, 73.29% of whom bet on the pair's depreciation.
© Dukascopy Bank SA
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