EUR/CHF 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
During the last 20 business days EUR/CHF has formed a solid support line that is expected to remain intact. Accordingly, resistance at 1.08 is viewed as a short-term obstacle, which should be eventually overcome, even though it is reinforced by the monthly R1, as most of the technical indicators are pointing upwards. If this is the case, the next target will be the monthly R2 at 1.0945. At the same time, violation of support at 1.0770 will invalidate bullish outlook on the pair and imply depreciation of the Euro first to 1.0730, then to 1.0700, and in the end down to a cluster of supports around 1.0680, consisting of the weekly PP, daily S3, and some of the recent lows.
© Dukascopy Bank SA
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