EUR/CHF 4H Chart: Channel Down

A rather short, only 54 bar long, channel down was formed by EUR/CHF, however, it may a beginning of a new strong downtrend, as after a period of consolidation between 1.243 and 1.226, the pair has finally moved further. Another sign of the movement to the south, is signals, sent by aggregate technical indicators, which are sending either neutral or "sell" signals. The pair still has more than 200 pips to depreciate before the SNB will take any measures to defend its key 1.20 cap. Therefore, the outlook for the pair is bearish, and the first strong support will be found at 1.2215– recent low.