EUR/CHF 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CHF floated inside the bounds of a ascending channel for eight days, setting solid support and resistance lines for the pattern, but nevertheless managed to under step the lower trend-line at 1.0735. The pair has now been stalled by the 200-hour SMA at 1.0729 and has set eyes on the support cluster below at 1.0723/22. We will look for a prominent dip just after a retracement of the broken trend-line is undergone. A reasonable target would ultimately be 1.0684/82, which corresponds to both January and December lows. The retracement motion will set a target at the channel line level cluster of 1.0734/35, which will cut access to areas above and push the pair towards the bearish market.
© Dukascopy Bank SA
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