EUR/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The emerging channel is the result of a reaction to the test of the lower bound of the corridor forming in the higher time frame. Accordingly, while there is likely to be a short-term sell-off from 1.1130 down to 1.11, there is a good chance that during this week the Euro will be able to appreciate to 1.1180-1.1190 francs. The bullish outlook is reinforced by the positioning of the SWFX traders—at the moment, 60% of open positions are short. However, should the bears push the price away from the May 20 high under the green trend-line, the focus will shift to the weekly pivot point at 1.1090. An additional demand area is at 1.1080, where the 200-hour SMA is strengthened by the daily S2.
© Dukascopy Bank SA
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