EUR/CHF 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
For the time being EUR/CHF is bearish. The currency pair has recently formed a downward-sloping channel, implying that the upside is limited by the falling resistance line at 1.0886/83, while the target is the lower boundary of the pattern at 1.0844/41. The latter area is also reinforced by the April 7 low and daily S2. Alternatively, should the price close above 1.0886/83, the focus will shift to the 200-hour SMA and the April 6 high between 1.0906 and 1.0915. Meanwhile, multi-day decline of the Euro is unlikely, considering that there is an eight-month up-trend at 1.0827. As for the sentiment, a majority of the SWFX market participants is holding long positions, namely 72% of traders.
© Dukascopy Bank SA
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