USD/CHF reached its resistance level around 0.9052 and has formed a Channel Down pattern. The formation has 70% quality and 100% magnitude in a 246-bar period.
Price was consolidating during last 246 bars, which shows strength of the pattern and increases its reliability. The pair bounced off the support at 0.9016 supported by RSI indicator and is now trying to break the resistance around 0.9053. If the price pierces the resistance level, the forecast target could be around 0.9135.
Stochastic indicator recoiled after its fall from overbought area, and now is trying to test the critical level again. Currently the pair is trading in a very tight range, so a breakout is likely in the near-term. If the price recoils from the key level, the first target for short traders might be around 0.9002/12 where the present support level stands.