USD/CHF 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering that USD/CHF has been trading in a well-defined bearish channel since early March, the bias is to the downside. The currency pair is supposed to stay beneath 0.9440, where resistance is implied by the falling line and the 200-period SMA. The first near-term target is the monthly S1 at 0.9142, followed by the May low at 0.9074. As soon as the price reaches 0.8948 however, we should expect an upward correction. This scenario will get invalidated if USD/CHF closes above 0.95. In this case the US Dollar will likely move towards the April high at 0.9864. In the meantime, most of the SWFX traders, namely 73% of them, are currently long the Greenback.
© Dukascopy Bank SA
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