EUR/CHF 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the quality of the pattern is poor, there is a high chance of EUR/CHF developing the ascending channel further. First, the currency pair is facing a solid demand area around 1.0840, created by the weekly S1, monthly PP, up-trend, and 200-period SMA. Secondly, the single currency is oversold, being that 72% of open positions are short, and therefore there is not much room for new bears to enter the market. At the same time, even though the signals are weak, the daily and weekly indicators are mostly pointing north. Accordingly, the base scenario is a rally from 1.0840 up to the October's high at 1.0950. In case of a dip beneath the key support there should be a sell-off at least to 1.0770/55.
© Dukascopy Bank SA
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