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Just as in USD/ZAR, the situation on the hourly chart of USD/CHF is also highly uncertain. If the price manages to rally another 20 pips and thus reach the daily pivot point at 0.8940, it will harden the case that the currency pair is trading within the boundaries of the bearish channel. Alternatively, if the value of the U.S. Dollar immediately starts falling with respect to the Swiss Franc, we may expect emergence of a falling wedge pattern.
In the meantime, technical studies and sentiment index give contradictory signals. While the former are suggesting a decline, the latter is in favour of a surge—73% of positions on USD/CHF are long.
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