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EUR/CHF 4H Chart: Trading In Narrow Channel

The common European currency has been guided by a nine-month ascending channel against the Swiss Franc. The exchange rate bounced off the bottom boundary of a dominant channel on June 23, 2017, and has since surged against the Franc.

A support cluster set by the weekly and monthly PPs near 1.1613 was proving enough support to push the price further north. However, the dotted line which shows the medium-term pattern is restricting the currency pair from making any further gain at the time of this analysis.

As for near future, the EUR/CHF pair is likely to make a temporary retracement south for a test of either the weekly R3 or the monthly R1

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
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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