EUR/CHF 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro is depreciating against the Swiss Franc, as the Franc recently has been gaining strength against other major currencies. The currency exchange rate is in a falling wedge pattern, and it is testing the pattern's support line at 1.0838 once again. As the currency pair rebounds, it is set to struggle with a lot of resistance before reaching the pattern's upper trend line. Northward from the rate are located the weekly S1 at 1.0852, monthly PP at 1.0859 and 55, 100 and 200-hour SMAs from 1.0868 to 1.0880. In the meantime, SWFX trader sentiment is neutral bullish, as 52% of open positions are long at the moment.
© Dukascopy Bank SA
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