EUR/CHF 1H Chart: Triple Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Several hours earlier, the EUR/CHF breached the neck-line at 1.2215 of a 69-bar long triple bottom pattern it started on May 21. However, a rally that usually follows a bullish breakout is constrained by the 200-hour SMA that represents a formidable resistance supported also by daily R1 and four-hour R1 at 1.2217/8. Notwithstanding this, the pair may appear strong enough to break through this zone before long considering that about 57% of traders bet on appreciation of the pair. Furthermore, technical data is sending clear ‘buy' signals for short and long terms.
© Dukascopy Bank SA
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Tue, 27 May 2014 06:58:04 GMT

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