USD/CHF 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Being that the resistance at 0.90 proved to be impenetrable in June, the U.S. Dollar had no choice but to enter a down-trend. However, mainly because of a recent change in the fundamental context, the upper boundary of the bearish channel has just been breached. Accordingly, the currency is now likely to recover. In this case USD/CHF should first target the Jun 26 high at 0.8956. Once this level is breached, the currency pair could try to re-test one of the key resistances at 0.90. On the other hand, if the price dips back below the weekly pivot point, 200-hour SMA and falling trend-line, the rate will be instead expected to head towards 0.8828—the lower boundary of the pattern reinforced by the weekly S3.
© Dukascopy Bank SA
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