GBP/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA
As a result of the Pound reaching the lower trend line of a long term ascending channel against the Swiss Franc, the currency exchange rate has formed a small scale ascending channel pattern, which can be observed on the hourly chart. Most recently the currency exchange rate reached above the 23.60% Fibonacci retracement level at the 1.2558 level, which is measured by connecting the 2016 low and 2015 high levels. However, afterwards the pair retreated below the retracement level, which indicates that a rebound might occur after all. Traders are advised to observe for a possible continuation of the surge in accordance with the ascending channel or a rebound against the retracement level.
© Dukascopy Bank SA
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