EUR/CHF 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Similarly to what is happening with the other Euro-crosses, EUR/CHF also appears to be undergoing a bullish correction following a massive decline that transpired earlier this year. But in the near term there is a good chance of a decline to 1.0330 (lower trend-line of the channel), before the rate is able to resume the bullish correction. Accordingly, the support zone near 1.0430 is expected to be violated, just like the monthly PP at 1.0375. Meanwhile, If the bears fail to push the price under 1.0430 and the price rises above the monthly R1, there is likely to be a surge up to 1.0560. At the same time, the sentiment is strongly bearish, as 73% of open positions are short.
© Dukascopy Bank SA
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