EUR/CHF 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being unable to climb above 1.05, EUR/CHF is now in the process of forming a bearish channel. Over the next few days the exchange rate should aim for 1.0260, while being capped by the upper boundary of the pattern, which is currently at 1.0370.
In the longer-term perspective, when and if the currency pair approaches 1.0240, the upside risks will dominate the probability of a further decline, and the pattern will likely be broken to the upside. As for the attitude of the SWFX market participants, a vast majority reckons that the Euro is going to outperform the Swiss Franc, since right now 73% of open positions are long.
© Dukascopy Bank SA
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