EUR/CHF 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The SNB can relax– the EUR/CHF currency pair is moving further away from the 1.20 cap and has formed a channel up pattern, which is already 276 bars long. In a longer term the pair is still expected to appreciate, taking into account "buy" signals from technical indicators on a daily chart. In the nearest future, however, pair's performance can not be so easily predicted, as almost 70% of traders are holding long positions, while technicals are suggesting another drop towards 200-hour SMA. At the same time, 57% of pending orders in a 100-pip range are placed to buy the pair, therefore, EUR/CHF is likely to remain rather stable in the nearest future and keep appreciating slowly.
© Dukascopy Bank SA
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