USD/CHF 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Just as in USD/ZAR, the near-term outlook for the Dollar in USD/CHF is also positive. A combination of the Jun 18 low with the monthly S1 and down-trend should be enough to trigger a recovery. However, the gains are expected to be capped by a dense supply zone between 0.9350 and 0.9300, created by the upper edge of the pattern, monthly PP, and 200-period SMA. But if the technical studies turn out to be right, and the price closes beneath 0.9140, the initial target will be the May low at 0.9080, followed by the monthly S2 at 0.8860. Still, despite the bearish signs, a majority of the traders is optimistic towards Dollar, and 70% of positions are long.
© Dukascopy Bank SA
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