EUR/CHF 1H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Statistically, seven out of ten breakouts from ascending triangle patterns take place to the upside, meaning there is a likely reversal of the recent downtrend of the Euro against the Franc. On the bullish side, short and medium-term studies are largely positive on the common currency. Moreover, SWFX market is quite overcrowded with the bears (66%), proclaiming that some buying activity has a high probability to materialise. On the other hand, EUR/CHF may remain under intense bearish pressure from the 200-period SMA at 1.1031, which is offering supply along with the weekly R1 and the red trend-line. The first goal of the bears is monthly PP at 1.1016, followed by demand area sub-1.0990.
© Dukascopy Bank SA
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