USD/CHF 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
An attempt at a symmetrical triangle formation failed early September when the rate reinforced the recently broken upper trend-line, causing the rate to take on a bullish channel. The bottom trend-line remained relatively stable, increasing its significance with repeated tests to the downside. Bullish potential reflected in a descending wedge formed on the 30 minute chart, meaning that the uptrend could not be limited with the channel, and there is a chance of an upward breakout. The pair faces 0.9825, the upper trend-line of the channel, and a close above would trigger a rally towards 0.9848, with a retracement right after. If the pair fails at the channel line once again, 0.9783 will serve as an intermediate support level on the pair's way down with further risks at 0.9769/70.
© Dukascopy Bank SA
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