USD/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CHF has recently tested water above this year's maximum, and the next prominent high is as far as 1.1730, represented by the highest level since 2010. In the short run, we expect the price to rebound from the weekly PP at 1.0260 and test the upper trend-line of the channel at 1.0450. The bullish outlook is reinforced by the daily and weekly indicators. Also, the US Dollar is oversold, as 72% of open positions are short, meaning demand is highly likely to increase. In case the rate drops beneath the support trend-line at 1.0230, the first target will be the monthly PP and Nov 24 low at 1.0150, while a combination of the monthly S1, Nov 12 low and 200-period SMA will become the main objective.
© Dukascopy Bank SA
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