EUR/CHF 1D Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As a result of a January-February sell-off EUR/CHF fell down to 1.21. Because of the demand there the currency pair managed to stabilise and enter a consolidation phase, which for now is capped by a tough resistance area at 1.2254/42, consisting of the Apr 4 high, 200-day SMA and monthly R1, among others. In the meantime, the Euro is closing in on the apex of the pattern, meaning soon there might be a break-out from the pattern. Considering how the triangle was formed, another bearish wave appears to be a more likely scenario, meaning the up-trend support line at 1.2191 is currently in danger. Meanwhile, the technical indicators remain silent on all time-frames.

© Dukascopy Bank SA
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