EUR/CHF 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CHF topped out near 1.1020 after April recovery, and now the exchange rate is forming a bearish channel. At the moment, the Euro is approaching the upper boundary of the emerging pattern, and we expect the price to bounce off of 1.1005 in the nearest future. The closest significant support is at 1.0985/79, formed by the weekly pivot point and 200-hour SMA, but the sell-off is likely to extend some 30 pips lower, down to the lower boundary of the channel at 1.0960. In the meantime, the SWFX market participants appear to be undecided with respect to the currency pair, being that 45% of open positions are long and 55% are short.
© Dukascopy Bank SA
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