USD/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The present bullish channel pattern on the 4H chart started emerging in the very beginning of July, since then covering more than 200 pips. On Jul 30, the USD/CHF pair breached the upper boundary of the pattern, however, it managed to return back rather fast. Currently the U.S. Dollar is heading in the direction of the lower boundary of the channel up pattern around the major level of 0.90. On its way there, the pair has to cover two important support levels at 0.9041/23, represented by the Aug 1 low and weekly S1 levels. At the same time, the vast majority of traders do not support such course of events, being that 74% of opened positions are set to go long at the moment.
© Dukascopy Bank SA
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