USD/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the fact that USD/CHF is trading within the boundaries of the bullish channel, the US Dollar is a sell at the moment. While the long-term outlook remains positive, the currency pair has just bumped into the upper edge of the pattern, implying there is going to be a downward correction before the bullish trend is resumed.
The immediate support is at 0.9780, represented by the monthly R1 level, followed by the 200-period SMA and monthly PP at 0.97 and 0.965, respectively. However, the sell-off is likely to extend further, towards 0.960/0.955, where USD/CAD is supposed to meet the floor created by the lower trend-line, monthly S1 and Dec low.
© Dukascopy Bank SA
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