USD/CHF 1H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A decline from a two-month high to a four-month low reached on October 3 alleviated selling pressure, giving the U.S. Dollar impetus for a gradual increase versus its Swiss counterpart. The pair neared but did not break the pattern's resistance for several times and now is trading not far away from a three-week high of 0.9132. The bullishness of the pattern coupled with traders' optimism (68.89% of traders bet on appreciation of the pair) solidify the view that the currency couple is likely to continue moving upward and may even try to approach the pattern's resistance lying at 0.9132; however, the pair may fall off in vigor after this advance thus it seems too early to anticipate the breakout.
© Dukascopy Bank SA
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