EUR/CHF 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CHF is in a good position to resume its journey further north, as an ascending triangle implies growing demand for the Euro. In the very short term the price is likely to move away from 1.1160, but the decline should be limited by the up-trend at 1.1115. Eventually, however, resistance at 1.1160 is expected to be broken. Such a scenario is also confirmed by the technical indicators on all three relevant timeframes. The rate should then aim for the weekly R1 level at 1.1180. Next potential target will be only at 1.1277 (weekly R2). On the other hand, if EUR/CHF closes under 1.1115, the pair will probably stabilise near 1.1075/70, where the weekly PP joins forces with the 200-hour SMA.
© Dukascopy Bank SA
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