EUR/CHF 1H Chart: Double Bottom

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CHF has met the pattern's upper horizontal trend-line on Tuesday. However, at the moment this currency pair is remaining below this important mark of 1.0845. In case we observe a bounce back in the direction of 200-hour SMA (1.0811), then it is highly likely the cross will try to form a triple bottom pattern in the long run. However, current double bottom is a reversal pattern, which implies an eventual bullish break out. Since the 4H technical studies are pointing upwards, risks are skewed to the north. Moreover, the Euro seems to be oversold in the SWFX market, as six out of ten market traders are holding short open trades. A climb above 1.0845 should pave the way for a rise up to weekly R2 at 1.0885.
© Dukascopy Bank SA
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