USD/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CHF is in a strong up-trend at the moment that started last month after a test of the 200-day SMA. Today the price is expected to rebound from a strong demand level at 1.0150 and top out at 1.0237 after breaking trough the weekly R3. The fact that the bears hold a majority of positions (72%), increases the likelihood of a rally. However, we should note that the rate is approaching the highest since January level, namely 1.03, meaning long-term long positions are risky. Meanwhile, a dive under the lower trend-line will invalidate the bullish outlook, and our focus will then shift to the weekly R1 at 1.0108. Additional supports will be the 200-hour SMA at 1.0080 and the weekly PP at 1.0050.
© Dukascopy Bank SA
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