Dukascopy Bank Team
Dukascopy Bank SA
EUR/CHF 4H Chart: Two scenarios likely
The EUR/CHF currency pair continued to trade downwards within the falling wedge pattern.
From a theoretical point of view, it is likely that the exchange rate could decline within the given pattern within the following trading sessions. Then, a breakout north could occur, and the rate could target the Fibo 23.60% at 1.0861.
Meanwhile, note that the currency pair is pressured by the 55-, 100– and 200-period moving averages in the 1.0695/1.0740 range. Thus, some downside potential could continue to prevail in the market.
EUR/HUF 4H Chart: Bears could prevail
As apparent on the chart, the EUR/HUF exchange rate breached the rising wedge pattern south.
From a theoretical perspective, it is likely that some downside potential could prevail in the market. In this case the currency pair could target the Fibonacci 38.20% retracement at 347.15.
In the meantime, note that the pair could gain support from the Fibonacci 23.60% retracement at 355.21. Thus, a reversal north could occur, and the rate could re-test the 368.25 mark.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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