GBP/CHF 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Sterling is in a short term descending channel against the Swiss Franc, as the currency exchange rate trades between the 23.60% Fibonacci retracement level and a December high level. The 23.60% Fibonacci retracement level is located at 1.2764 from the downside, and the December high level is at 1.2894. The December high level has managed to pressure the rate lower since the start of the month, and until now the resistance level has been confirmed four times. It is most likely that the currency exchange rate will move once more to attempt to break through the December high level, and the short term channel in such case will soon become obsolete.
© Dukascopy Bank SA
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