USD/CHF 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar is trading in a descending short term channel against the Swiss Franc. However, that does not indicate that the currency exchange rate is set to decline, as the pair has already reached the lower trend line of a dominant pattern. Most recently the Greenback rebounded against the Swiss Franc due to the encounter of the before mentioned support level. Although, the descending channel's resistance line proved strong enough to stop the rate from jumping and pushed it slightly lower. This means that pressure might build up, and traders need to look out for an upcoming breakout. In the meantime, fundamental events in the financial markets, particularly the upcoming Federal Reserve rate decision, indicate that a breakout will occur to the upside.
© Dukascopy Bank SA
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