USD/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CHF has remained range-bound for almost a month, and now it is forming a bullish channel. If the pattern is confirmed by a rebound from the potential up-trend support line at 0.88, there will be a good chance for the currency pair to reach the Apr 30 high at 0.8850 and then try to breach it. However, this resistance is reinforced by the weekly R1 and may thus prove to be hard to break. Moreover, there is a supply level at 0.8824, consisting of the weekly PP and 200-hour, that threatens the bullish outlook. And if the demand at 0.88 is insufficient to push the price higher, there is supposed to be a tough demand area near weekly S2 at 0.8765, which is also the Apr 28 high.
© Dukascopy Bank SA
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