USD/CHF 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CHF is in a good position to extend last week's recovery. The currency pair has recently formed a high-quality channel and broken through the long-term SMA to the upside, signalling that the US Dollar is likely to keep appreciating against the Franc. Accordingly, the base scenario is a rebound from 0.9770 and a subsequent up-leg towards the weekly R1 and the upper boundary of the pattern at 0.9820. However, there are arguments against the rally—the Greenback is overbought, being that three fourths of positions are long. In case the rising support line fails to trigger strong buying, the price will presumably decline to 0.9750/40, where demand area is implied by the weekly pivot point and the 200-hour SMA.
© Dukascopy Bank SA
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