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EUR/CHF at Short-term Rising Channel Support
Rising channel, topping? The EUR/CHF has been trading in a rising channel since late February. The 1H chart shows persistent bullish momentum as the RSI has tagged 70 and held above 40. The moving averages were in bullish alignment as well, until it found resistance at 1.2390 and flattened. It is now attempting to form a top. It would do so if price falls below 1.2345, which is also going to break below a rising channel support and likely drag the 1H RSI below 40. Break scenario: Looking at the 4H chart, it should be noted that 1.2385-1.2412 area had some previous resistance pivots. In February, when these levels ... (full story)