GBP/CHF 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CHF sketched a channel down pattern on the hourly chart, signalling a downtrend, but then turned into a falling wedge formation with a broken upper trend-line. The pair corrected the breakout and then went on to re-enter the pattern in a very steep southward motion. The steep motion is bound by 1.2263 and 1.2240 from above and below respectively and the amplitude of the slip indicates that the pattern is very likely to be reinforced, either in the form of a channel or a falling wedge pattern. The aforementioned support could serve as a ground in case the wedge takes over, while 1.2210 would be the ultimate target if bearish pressures reactivate the channel.
© Dukascopy Bank SA
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