The common European currency has been constrained in an ascending channel against the Swiss Franc. The rate bounced off the lower boundary of a junior channel and has since remained bullish.
In the four-hour time frame, the EUR/CHF is trading in a medium-scale triangle. A support cluster set by the weekly pivot point and the 55– hour simple moving average near 1.1703 was providing support for the currency pair.
If the aforementioned support cluster holds, a breakout through the upper boundary of the triangle is likely to occur during the following trading sessions. In addition, technical indicators are in favour for bulls to continues their presence in the short term.
