EUR/CHF 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rise to a four-month high of 1.2396 in early January initiated a retreat of the single currency against the Swiss Franc that resulted in formation of the bearish tunnel. Being trapped by channel trend-lines that are rather steep, the pair plunged to a two-month low of 1.2185 in the beginning of February. After that, EUR/CHF changed direction and managed not only to approach but also to break through the upper limit of the pattern, suggesting that the breakout may have occurred. However, it may be too early to certify that the breakout is real, especially considering that almost two thirds of market players are bearish on the pair.
© Dukascopy Bank SA
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