USD/CHF 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A jump to a two-month high in the beginning of November enfeebled USD/CHF and the pair commenced a retreat that resulted in the formation of the channel down pattern on November 14. Now the pair continues to succumb to a heavy selling pressure that sent the currency couple to a two-week low several hours ago. The SWFX data reveals that market participants believe the downside pressure will abate in the hours to come; 69.57% of traders are bullish on the pair. To confirm this, USD/CHF will have to target its daily pivot point and daily resistance at 0.9104/6, a jump above which may provide impetus for further appreciation until the next hindrance lying at 0.9115 (daily R2).
© Dukascopy Bank SA
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Wed, 20 Nov 2013 08:17:07 GMT

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