GBP/CHF 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair has been in a clear uptrend since the end of July. In two and a half months before that it has depreciated by 780 pips. With the recent (13th of September) attempt to breach pattern's boundaries at 1.4812 pair has recovered almost all of those losses weighing even more on further depreciation of the pair on the grounds of psychological effects. Despite the clear downtrend before the pattern, and moves in the pattern it seems that Fibonacci retracements cannot be employed in the analysis. At the moment pair is trading slightly above the week opening levels, but it seems unlikely it will start appreciating once again since 20-day SMA has evidently given strong bearish impetus.  

© Dukascopy Bank SA
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Tue, 24 Sep 2013 13:31:47 GMT

EUR/GBP 4H Chart: Channel Down

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