EUR/CHF 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
While on the higher time-frames the Euro is bullish, after bottoming out in April, on the hourly chart there is a strong case in favour of a near-term decline. During the next several days every new high is likely to be lower than the previous maximum. Right now the ceiling at is 1.0519, where the daily R2 merges with the upper trend-line of the bearish channel. However, every step closer to the major support trend-line at 1.0320 will increase the upside risk, and for the time being this is seen as a floor, which is expected to turn around the current downward trend around. In the meantime, a large portion of open positions, namely 74%, is short the Euro.
© Dukascopy Bank SA
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