USD/CHF 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the very beginning of July, some notable changes to USD/CHF trend have taken place. The pair bounced off a two-month low of 0.8857 and embarked upon formation of an 80-pips wide upward tilted channel.
The pair now is moving along the trajectory of the short-term SMA at 0.8978 but may surpass this level in the foreseeable future as technical indicators point to a possible rise in the medium-term. If this comes true, the currency couple is likely to breach 0.8978/80 (50-hour SMA; daily PP; four-hour R1), a consolidation above which will help the pair to move towards 0.8985/8 (four-hour R2, R3; daily R2), the last defense from a rally to a one-month high of 0.8991.
© Dukascopy Bank SA
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