USD/CHF 1D Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Judging by the last 100 days, it appears that USD/CHF has formed a bearish channel and is therefore likely to decline, especially considering that the currency pair is currently trading near the falling resistance line. Moreover, there are more ‘sell' signals on the weekly and monthly charts than there are ‘buy' signals. However, it is noteworthy that by connecting some of the most notable peaks since May 2013, we would get a down-trend line, which has just been breached to the upside, meaning the outlook may not be as bearish as it may seem at first glance. In any case, for now USD/CHF is expected to remain above 0.9041 and rise up to 0.9120.

© Dukascopy Bank SA
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