EUR/CHF 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Boundaries of the 345-bar long triangle pattern have been restricting the moves of EUR/CHF since late December. Nevertheless, the pair managed to reach a four-month high in early January.
Now the pair is vacillating close to the pattern's support but is likely to recover losses since almost 60% of traders are bullish on the currency pair. If the traders' outlook comes true, EUR/CHF will try to surpass a formidable resistance at 1.2334 (50-hour SMA) that will push the next hindrance at 1.2344 (200-hour SMA) to the fore.
© Dukascopy Bank SA
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