USD/CHF 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As USD/CHF failed to sustain a rally beyond 0.90, it was forced to enter a down-trend. The  subsequently formed bearish channel is almost 150 bars long and is likely to remain topical for a while, since the currency pair has just bounced off the upper edge of the pattern and is currently headed towards 0.8840.
The bearish scenario is also confirmed by the near-term technical indicators. The weekly studies, on the other hand, are mostly giving ‘buy' signals. At the same time the SWFX market participants seem to be convinced that the U.S. Dollar is going to recover relative to the Swiss Franc in the nearest future—73% of them are holding long positions at the moment.
© Dukascopy Bank SA
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