USD/CHF 30 M Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A distinct uptrend led the movements of USD/CHF since the beginning of September, adding a bound from the upside to create an ascending channel over the last week or so. Currently consolidating, it appears that the pair is about to tap at the top trend-line at 0.9902 once more in an attempt to break through, however, we look for it to fail and make its way towards the bottom trend-line of the pattern. The pair encountered the 0.9880 demand level several times over the previous session, and the unsuccessful tests suggest that a close below will open the way for a plunge with a limit at 0.9872, the 55-period SMA, for now. With bullish pressures stemming from the SMAs below, the pair could linger at the upper part of the pattern, before it gains some volatility to tackle the levels below.
© Dukascopy Bank SA
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