USD/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The overall outlook on USD/CHF is bullish, being that the currency pair has formed an upward-sloping channel. The in the short run, however, we expect a decline, since the price is close to the upper trend-line of the pattern. The rate should top out near 1.0255 and then fall. If this resistance is not enough to stop the present advancement, there is also the January high at 1.03 that supposedly is even more difficult to breach. In the meantime, the near-term losses are to be limited by the cluster at 1.0070, and in case of a deeper decline support at 0.9980 (Nov 12 and weekly S2) might need to come into play. Additional demand is at 0.9850, represented by the 200-period SMA.
© Dukascopy Bank SA
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