USD/CHF 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
As USD/CHF proved to be unable to cross 0.8954 at the very beginning of April, it started forming a downward-sloping channel. And, judging by the technical indicators, the currency pair is likely to remain bearish in the nearest future.
Additional reason to believe that the U.S. Dollar is going to depreciate is the currency pair's proximity to the upper trend-line of the pattern, which is reinforced by the 200-hour SMA and is thus highly unlikely to be breached. Accordingly, there is a good chance that USD/CHF will soon start moving away from the supply at 0.8824 and en route to 0.8850, where it will supposedly encounter strong support.
© Dukascopy Bank SA
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