Dukascopy

EUR/CHF 1H Chart: Euro could regain strength soon

FX:EURCHF   Euro / Swiss Franc
Starting from mid-April, the common European currency remained stable against the Swiss Franc for several weeks. This lack of direction change swiftly on May 14 when bears pushed the rate 3.07% lower down to the 1.60 mark which was tested at the time of this analysis.

This price decline has been bounded in a steep descending channel within a larger-scale pattern. The latter surrender today, thus allowing the Euro to test the bottom junior line at 1.60.

Technical indicators on the 1H, 4H and 1D time-frames are located in the oversold territory. This demonstrates that the pair should soon enter a period of appreciation within the following two weeks, at least. This would send the pair back into the senior pattern and towards 1.1820 where the monthly S1 and the 200-hour SMA are located.
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