USD/CHF 1D Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The near-term outlook is bearish, being that the pair is trading at the upper boundary of the descending channel. The longer-term bias, however, is rather ambiguous. From one side, the US Dollar should strengthen, being that last year the pair broke the 13-year resistance line and confirmed it as a new support in May. From the other side, since 2011 USD/CHF has been forming a rising wedge, a pattern that indicates a sell-off. Still, we consider the risks to be skewed to the upside, and a decline triggered by a close under 0.96 is to be limited by 0.94. Further depreciation of the Greenback will invalidate the positive outlook and set the new target at 0.9260.
© Dukascopy Bank SA
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