USD/CHF descends in channel pattern

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


The US Dollar has been declining in a channel down pattern against the Swiss Franc since the start of June. In early August, the currency pair found support in the end of 2023 low level range at 0.8330/0.8435. However, the recovery did not last, as after a brief recovery, the pair resumed the prior descend.

In the near term future, the pair could once again look for support in the 0.8330/0.8435 range. A move below this range would result in the rate reaching levels not seen since the 2015 Swiss Franc unpegging from the Euro that caused massive volatility. In this case, the pair would most likely look for support in the lower trend line of the channel pattern, before the 0.8000 provides support.

On the other hand, a recovery of the US Dollar against the Swiss Franc is expected to encounter resistance in the upper trend line of the channel and the descending 50 and 200-day simple moving averages. Meanwhile, note that the pair might also respect the 0.8700 and 0.8800 levels.
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Tue, 20 Aug 2024 20:58:08 GMT

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