USD/CHF 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A channel up in USD/CHF held steady for about a week before breaking Thursday morning. The next target now lies at 1.0235 and it appears that the pair will not be attempting a retracement more prominent than the miniature one it underwent immediately after the break below the pattern. In case it does, however, require some more consolidation, 1.0262 and 1.0271 will come into play first. With loads of supply stemming from various time-frame SMAs which rest above, USD/CHF could conclusively enter a bearish market. This is consistent with the rising wedge formation on the daily chart which is bound to break soon.
© Dukascopy Bank SA
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