GBP/CHF 4H Chart: Channel Down

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Source: Dukascopy Bank SA
The Sterling recently hit a strong resistance cluster against the Swiss Franc and as a result a medium term descending channel is in the formation. On a large scale the currency exchange rate is in an ascending channel pattern, which is set to struggle with the 23.60% Fibonacci retracement level at the 1.2595 level in the long term. The retracement levels are measured by connecting the 2016 low and 2015 high levels. Meanwhile, the medium term descending channel is set to encounter various levels of support, as the previous medium term ascending pattern is still active and will provide support. Moreover, the 200-period SMA just recently moved into the channel down pattern's way.
© Dukascopy Bank SA
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