USD/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CHF is developing another down-led from the pattern's upper boundary at the moment. It has already met both daily and weekly pivot points at 1.02, which are shifting the risks to the upside. They are immediately followed by 55 and 100-hour moving averages, meaning the probability of somewhat earlier than expected revival is on the rise. The market seems to be strongly overcrowded with bears, as 73% of all positions are short. This fact will also support the pair's trading within the upward channel in the nearest future. Meanwhile, any drop below the green uptrend will encounter the weekly S1 and 200-hour SMA, which is going to be another negative surprise for bearish market participants.
© Dukascopy Bank SA
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