USD/CHF 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is depreciating against the Swiss Franc in a descending channel pattern, as the currency exchange rate recently bounced off the pattern's upper trend line at 0.9838. On its way down to the pattern's lower trend line at 0.9530 the pair is set to meet various support levels, as all of the weekly support lines and the first monthly support are located on the way. The weekly supports are located respectively as they are numbered first at 0.9692, second at 0.9632 and third one at 0.9556. In addition, the monthly S1 is at 0.9573. SWFX trader sentiment also hints at a fall of the pair, as 74% of open positions are long, which clearly indicates at the pair being overbought. However, aggregate technical indicators forecast no change in the rate for the next four hours, during today's trading session and even during this week.
© Dukascopy Bank SA
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