USD/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After slowing down in the beginning of this week, the US Dollar found itself approaching the lower boundary of the bullish channel on Tuesday. However, the 100-hour SMA which is reinforcing the pattern's support may provide the Greenback with some reliable bullish momentum for the future growth. Moreover, in case the pair unexpectedly drops below 0.9739 (daily S1), the next demand is located just 28 pips below at 0.9711 (weekly PP). Therefore, a decline is less likely, compared with probability of the positive scenario. Market participants are also sharing the bullish view in 70% of all cases, while technical indicators are neutral on short and medium time-frames, but stay bearish on a daily basis.
© Dukascopy Bank SA
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