EUR/CHF 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro has formed an utmost interesting pattern against the Swiss Franc, as it is at the same moment in the middle of two of them and they both confirm the same way for the currency exchange rate to go. What you can see in the added chart is the ascending channel pattern, which at the same time is in the middle of a triangle pattern. The EUR/CHF pair is most likely to surge, as the channel upward pattern's pressure breaks the resistance provided by the triangle's upper trend line. At that moment, the currency exchange rate is set to burst upward. The theory is also supported by the daily aggregate technical indicators, and the fact that 57% of open SWFX trader positions are short, which indicates at room for an upward movement of the exchange rate.
© Dukascopy Bank SA
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Fri, 26 Aug 2016 12:04:05 GMT

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