USD/CHF 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While in the short run the outlook for USD/CHF is bullish, the longer-term perspectives are bearish. During the next few days the pair is expected to reach the level of 0.97, where it should top out near a cluster of resistances, which includes monthly PP, 200-period SMA and also the upper boundary of the emerging channel. Once this upward correction comes to an end, the new target should be a strong demand area at 0.9550, implied by the monthly S1, falling support line and September low. In the meantime, in case USD/CHF jumps over 0.97, the recovery will likely extend up to the previous month's high at 0.9850. As for the positioning of the traders,67% of them are long right now.
© Dukascopy Bank SA
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