EUR/CHF 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The ascending triangle pattern formed by EUR/CHF is around 218-bar long but is not likely to be prolonged in the hours to come as recently the pair has breached the lower limit of the formation. Given the proximity of the apex as well as moderately bearish market sentiment-circa 53% of all orders at the SWFX are short- the breakout is likely to be real and may lead to a massive sell-off.
At the moment, EUR/CHF is sitting at the 50-hour SMA at 1.2184 that acts as a strong support level preventing a further drop to 1.2181/73 (four-hour S2, S3; daily S1), below which the pair may only seek support at 1.2166/43 (200-hour SMA; daily S2, S3).
© Dukascopy Bank SA
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