EUR/CHF 4H Chart: Channel Up

Another leg to the north is emerging in the 4H chart for the EUR/CHF currency pair. The key short-term resistance to meet is located ten pips below the round 1.11 mark. By succeeding here the 19-nation currency will be in a position to tackle the current high of this month at 1.1109 and the monthly R2 at 1.1122. A way towards the pattern's upper edge includes a breach of both of them in the medium-term, and while the 4H and daily technical signals are long, the aggregate weekly studies are expressing the bearish opinion. However, the SWFX sentiment (69% short) may back a recovery. Under the base case scenario, a correction lower should not begin earlier than 1.1137 (pattern's resistance).