EUR/CHF 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the first days of May were bearish for EUR/CHF, the support around 1.2172 managed to prevent further depreciation of the Euro and subsequently initiated a strong recovery. As a result, the currency pair has formed an upward channel with the support at 1.2205 and the resistance at 1.2232, meaning the outlook is now positive.
The technical indicators, especially on the four-hour chart, are also suggesting that the common currency is going to outperform the Swiss Franc. Moreover, the sentiment of the SWFX marketplace is explicitly bullish towards EUR/CHF—as many as 74% of traders are currently holding long positions.
© Dukascopy Bank SA
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