EUR/CHF 1H Chart: Double Top

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Source: Dukascopy Bank SA
After EUR/CHF sketched an alleged head and shoulders on the daily chart to put an end to the downtrend in March, the pair set a steep motion into action just to hit 1.0869, test it twice and shift risks to the downside with a double top formation. The pair is now approaching the support level at 1.0803 but will have to get underneath 1.0819 and 1.0812 on the way. A break below the neckline of the pattern will open up 1.0795/92 for tests and either this or the 1.0784 level is the most likely area to provide a ground for a retracement. A bounce back from the supporting neckline would lead to the creation of a trading range.
© Dukascopy Bank SA
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