EUR/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
We consider the risks in EUR/CHF being heavily skewed to the upside right now, even though the technical studies are mixed. The reasons are that the currency pair has recently crossed the long-term moving average to the upside, and it has also confirmed the lower trend-line forming the bullish channel. Accordingly, the base scenario is a 150-pip recovery from 1.0975. In such a case the main obstacles will be represented by the September 11 high at 1.1050 and weekly R1 at 1.1085. At the same time, a close below 1.0975 will not immediately invalidate the bullish outlook. There are tough supports at 1.0950 and at 1.0933 that are able to save the situation in case of a sell-off.
© Dukascopy Bank SA
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