EUR/CHF 4H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Extension of the Euro's recovery from 1.0870 is unlikely. Even though the four-hour and daily technical indicators are mostly pointing north, the currency pair has formed a double top, a pattern that suggests a heightened risk of a sell-off. Still, the bearish scenario will not be confirmed as long as support at 1.0969/64 remains intact. Once the neck-line is broken, 1.0930/21 (monthly PP and 200-period SMA) are to become the next point of destination. An additional demand area is at 1.0870/60, created for the most part by the nine-month up-trend. As for the SWFX traders, they appear to be undecided with respect to the Euro's prospects: 45% of open positions are long and 55% are short.
© Dukascopy Bank SA
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