EUR/CHF 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After falling 300 pips since mid-May, the Euro still remains bearish relative to the Swiss Franc. The pair has recently broken through a major support line that has been guiding the price north for the last seven months, and this further reinforces the negative bias. However, while the near-term outlook is strongly bearish, we should note that EUR/CHF is closing in on important lows, namely the lowest levels since last year's November and December at 1.0736 and 1.0755 respectively. This explains bullish sentiment among the SWFX traders—62% of them are currently holding long positions, but at the same time this means that an increase in demand is unlikely, since the Euro is already overbought.
© Dukascopy Bank SA
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