GBP/CHF 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CHF has been depreciating since February 6, when the pair bounced back from 1.4628 and it seems that this level limit pair's depreciation now as well. However, after touching that level the pair has formed a channel down pattern, which is 255-bar long already. On April 8 the pair refused moving above pattern's resistance, and even though such a move should be interpreted as a "sell" signals, technical indicators on a 4H and daily charts are suggesting we will see another retest of the upper boundary soon. Moreover, just recently, the pair retreated from the 200-period SMA and climbed above the weekly and daily pivot. Long traders should focus on a weekly R1 and then on the pattern's resistance.
© Dukascopy Bank SA
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