EUR/CHF 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/CHF currency exchange rate is moving lower in accordance with a descending channel pattern, as the common European currency approaches the support line of a larger pattern against the Swiss Franc. The larger pattern is a one year old triangle, which is hard to spot at the first glance. The rate is set to move to the triangle's lower trend line, as the pair is already overbought, with 71% of SWFX trader open positions being long. However, whether the rate will break out of the triangle is unclear, as the triangle's lower trend line is also supported by the channel's support and the first weekly support level, which are all located near 1.0750 level.
© Dukascopy Bank SA
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