EUR/CHF 4H Chart: Rectangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CHF is in a good position to lunge forward. And while the emerging channel is weak, the manner in which the currency pair has been consolidating recently speaks in favour of a rally. There is a solid support area near 1.0920, and it should be able to trigger intensive buying. If the price indeed manages to climb over 1.0960, the next target will be the upper boundary of the potential channel at 1.1020. Then, after a bearish correction, we may expect a leg to 1.1050, namely the monthly R2 and September high. On the other hand, if the bears push through 1.0920, the sell-off will likely extend down to 1.0860, where the monthly PP merges with the 200-period SMA and weekly S1.
© Dukascopy Bank SA
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