USD/CHF decline passes low level

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Source: Dukascopy Bank SA


At the start of November, the USD/CHF currency exchange rate's decline passes the late August low level of 0.9100. Namely, the round exchange rate level failed to provide support. Meanwhile, the currency pair remains in the borders of a channel down pattern.

If the pair recovers, it would face the combined resistance of the 55-period simple moving average at the upper trend line of the channel down pattern near the 0.9150 mark. Above these technical levels, the most close by medium term resistance level was the 200-hour SMA near 0.9240.

On the other hand, if the rate's decline continues, it would most likely be slowed down by the lower trend line of the channel down pattern. However, a potential decline might eventually reach the August low level at 0.9020.
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