GBP/CHF 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
As most exotic currency exchange rates the GBP/CHF is simultaneously trading in three patterns. In the case of the Pound against the Swiss Franc, all of these patterns are channels. First of all there is the minor descending channel, which represents the rates move from the medium term pattern's resistance to its support line. The medium term pattern revealed itself in the middle of October, when the currency exchange rate rebounded against a large scale descending channel's support line. At a first glance the situation seems simple, as the rate is about to rebound against the medium channel's support and begin a short term surge. However, there is the resistance of the September Down trend line, which kept the rate down during the month.
© Dukascopy Bank SA
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