EUR/CHF 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
According to the current pace of growth of the Euro against the Swiss Franc, this currency pair will manage to reach the upper trend-line of the pattern by the end of this week. However, there are major resistances this pair will inevitably hit on its way up and they may cause a loss. One of them is the 200-hour SMA at 1.0894. Provided the fact the weekly pivot point was breached, the outlook tends to be optimistic for now. The base scenario assumes a failure at the 1.0915 mark. Within the pattern, potential dips may prolong as low as 1.0830 where the green downtrend is backed by the first weekly support. From the upside, the upper edge of the pattern is boosted by the weekly R1 at 1.0922.
© Dukascopy Bank SA
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