EUR/CHF 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is a distinct bearish channel emerging in the hourly chart of EUR/CHF. The pair has recently topped out at 1.12, and since then it has been trending lower. However, there is likely to be a small rally in the short run, as the price has just tested the lower bound of the pattern. The upside is to be limited by the red trend-line at 1.0930, and there the Euro should start a new bearish wave. The major risk for the short positions is represented by demand circa 1.0750, where the lower trend-line joins forces with the November and December lows of 2015. Accordingly, there is only a slim chance that the single currency will be worth less than 1.0750 francs in the foreseeable future.
© Dukascopy Bank SA
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