EUR/CHF 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a sharp 10-day decline ended April 14, EUR/CHF started to erase losses and formed an ascending triangle pattern that now is about 90-bar long.
Recently, the currency couple has broken through the upper limit of the triangle at 1.2205 and has been sitting above this important mark for more than 12 hours. Considering this as well as the fact that the pair has almost reached the apex, we may claim that the breakout took place. However, bullish expectations have not materialized yet and the rally seems doubtful as only 52% of positions at the SWFX are long.
© Dukascopy Bank SA
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