EUR/CHF 4H Chart: Descending Channel

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the title states that the pair is in a descending channel, it does not mean that the Euro is depreciating against the Swiss Franc. The currency exchange rate recently encountered the descending channel's lower trend line and rebounded not only against it, but also additional support levels. The rate also encountered the support line of a much larger scale descending channel, in which the pair has traded since August 2015. Moreover, the pair is close to the post Brexit low level of 1.0717 and a 61.80% Fibonacci retracement level. The Fibonacci retracements are measured by connecting the pre and after levels of the rate during the unpegging of the Swiss Franc from the Euro on January 15 2015.
© Dukascopy Bank SA
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