EUR/CHF 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The EUR/CHF is moving closer to the 1.20-mark, which will trigger immediate action from the SNB. Still, the pair has a potential to depreciate, and according to the channel down pattern, the trend is bearish. While market sentiment is strongly bullish (70%), technical indicators on a variety of timeframes are pointing into the opposite direction. Nonetheless, the outlook for the pair is bearish, as recent high was lower than the previous one, meaning bulls were not able to push the pair higher enough. The key level for short traders is located at 1.2185, represented by a bunch of indicators. In case this level is penetrated, then the pair will head towards daily S2 and April 17 low at 1.2169.
© Dukascopy Bank SA
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