EUR/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Mainly thanks to the 200-hour SMA that has acted as a solid support, EUR/CHF has been able to advance north for the last 160 bars and form an upward-sloping channel.
Right now the currency pair finds itself close to the lower boundary of the corridor, specifically just above 1.2378, where the 200-hour SMA is as well. Accordingly, the risks are heavily skewed towards the rally, which will have to extend through some of the nearest resistances, including those at 1.2406 and 1.2444. The increased likelihood of a bullish move is also reflected in the SWFX traders' sentiment—74% of positions are long, 26% are short.

© Dukascopy Bank SA
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