USD/CHF confirms pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Recently the USD/CHF currency pair confirmed that it has been declining in a large scale channel down pattern since the start of October. Namely, the pair bounced off the combined resistance of the pattern's upper trend line, the 50-day simple moving average and the 0.9050 level.

The ongoing decline could look for support in the 2021 low level at 0.8760. This level acted as support also in August of 2023. Further below, note the lower trend line of the channel pattern that could slow down the decline or even cause a short term surge like at the end of October.

However, a recovery of the exchange rate might be slowed down by the 0.8850 and 0.8900 levels that have shown to be capable of impacting the rate. Higher above, note the approaching 200-day simple moving average. Above the SMA, it is highly likely that the 50-day SMA and the upper trend line of the channel are going to keep the USD/CHF pair down.
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