EUR/CHF 1H Chart Emerging Pattern: Channel Down

by Admin

EUR/GBP 1H Chart

Emerging Pattern: Channel Up

Since Apr 4 the currency pair has been trading in an upward channel, being underpinned by the 200-bar SMA. Just recently EUR/GBP has successfully re-tested the moving average, but the following rally was stopped by 0.8551. Accordingly, a majority of traders believe that the Euro will not recommence a recovery after the current consolidation phase.

EURGBP

USD/SEK 1H Chart

Emerging Pattern: Channel Up

A dip on Apr 11 was unable to penetrate a support level at 6.3319, leading to a rebound that in the end turned into a Channel Up. However, there are considerable risks to the surge, even though 73% of market participants are bullish on the pair. One of the main obstacles is the 200-bar SMA at 6.4211, which has already denied several attempts of the price to get a foothold above it.

USDSEK

EUR/CHF 1H Chart

Emerging Pattern: Channel Down

EUR/CHF’s encounter with a strong resistance level at 1.2205 resulted in emergence of a bearish tendency on a 1H chart. While according to the technical indicators the Euro is likely to depreciate even more, traders anticipate a reversal, being that most (70%) of them are holding long positions on the pair at the moment.

EURCHF