EUR/CHF 1H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has been depreciating versus Swiss franc since the beginning of October, but the present falling wedge pattern was formed only on the last day of that month. Since the pair refused to advance after reaching the lower boundary of the pattern, it is approaching the 1.20 important mark, which it is unlikely to be breached due to SNB's existing ceiling for this currency pair. Despite that, technical indicators give bearish signals on medium and long-term charts, while daily ones are neutral at the moment. Market participants, however, believe in the first scenario, betting on the pair's recovery. Right now 70% of all positions are long, while 30% are bearish on the Euro.
© Dukascopy Bank SA
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