USD/CHF 1D Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Shortly following a violation of the 200-day SMA in late July the currency pair started to fluctuate between two falling trend-lines, thereby forming a bearish channel. Now the pattern is almost 100 bars long and is expected to guide the exchange rate further south. At the moment USD/CHF is trading just below the upper boundary of the corridor, which creates a formidable supply area between the monthly pivots at 0.9114 and 0.9200. Accordingly, this hardens the case of a decline in the nearest future. However, it must be noted that SWFX market participants' sentiment towards the pair is strongly bullish—71% of open positions are currently long.
© Dukascopy Bank SA
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