© Dukascopy Bank SA
Although at the end of November it seemed that USD/CHF will fail to penetrate the long-term moving average, eventually the currency pair crossed the tough support and during the next 70 bars formed a bearish channel.
Just recently the price has bounced off the upper falling trend-line at 0.8893, meaning the current downward momentum is highly unlikely to be exhausted until the lower edge of the formation at 0.8756 is reached, even though the weekly S1 and S2 will stand in the way of the decline at 0.8851 and 0.8798 respectively. Meanwhile, 72% of traders believe the U.S. Dollar is going to outperform the Swiss Franc in the longer term.
© Dukascopy Bank SA