USD/CHF 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Greenback has been surging against the Swiss Franc since the start of February in an ascending channel pattern. However, the surge is at its end, as the currency exchange rate is in a descending channel on a larger scale, and the upper trend line of the channel down pattern has provided enough resistance together with the 23.60% Fibonacci retracement level near the level of 1.0135 that the currency pair has begun a decline. The Fibonacci retracement levels on this pair are also measured by connecting the 2016 high and low levels. However, for now the pair is set to fall as low as the 1.0025 level, where the closest notable support cluster is located at.
© Dukascopy Bank SA
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