USD/CHF 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CHF has recently broken through the bearish channel we analysed on Tuesday and formed a new one. The currency pair has also confirmed a new resistance area circa 0.9550, where the upper trend-line of the new channel crosses the lower trend-line of the old channel. The outlook therefore is bearish both in the short and long terms. The bears might have trouble pushing through 0.9475 (monthly S2 and Oct 15 low), but the target is 0.9440, where we expect an upward correction to commence. Conversely, should the price jump through 0.9550, the rally will likely extend up to the 200-hour SMA at 0.9612. Meanwhile, the market seems overbought, as 71% of open positions are long.
© Dukascopy Bank SA
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