EUR/CHF 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro is another currency, which has formed an ascending channel pattern against the Swiss Franc. At the moment, the currency exchange rate is in the middle of its way to the pattern's upper trend line, as it rebounded against the channel's support line at 1.0897 on early Thursday morning. The currency pair already did the hardest part of the surge, as it broke through a major resistance cluster during the last few days, and it faces only one last resistance level at 1.0984 before it sets its eyes on the pattern's upper trend line. In addition, SWFX market sentiment is also favorable to a surge, as 62% of open positions are short and pending commands are 75% to buy the pair, which means that there is still room for a rise, and traders have placed orders, which will provide the inertia for it.
© Dukascopy Bank SA
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