EUR/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro trades in a short term ascending channel against the Swiss Franc, as the currency exchange rate has broken out of a descending channel. Regarding a little bit of the background, the reason for the rates rebound and subsequent surge was one of the Fibonacci retracement levels, which connect the 15 January 2015 high and low levels. However, at the moment the pair has reached a resistance put up by a more recent Fibonacci retracement level, namely the 23.60% level of the 2016 high and low levels at 1.0760. Most recently the rate has been pressured by the ascending channel's lower trend line and the retracement level. The result is a short term triangle, and traders have to look for the outcome to understand the future direction of the pair.
© Dukascopy Bank SA
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