USD/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering the fact that USD/CHF has formed a bullish channel and a lot of technical indicators are currently pointing upwards, we expect further strengthening of the US Dollar. However, there is likely to be a small sell-off before the latest rally resumes. The base case scenario is a decline down to the support trend-line at 0.9350, followed by a rally towards the May high at 0.9544. But the currency pair may make a U-turn earlier, namely at 0.9376, where the daily S2 merges with the 200-hour SMA. Meanwhile, the sentiment is strongly bullish: at the moment three in four positions open in the SWFX market are long.
© Dukascopy Bank SA
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