USD/CHF 1D Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After exiting the symmetrical triangle in September, USD/CHF kept the uptrend intact, adding an upper boundary to create a channel up pattern. The pair is currently testing the upper boundary at 1.0104, and we will look for a close of the day in the red zone. The pair will test 1.0026 and then 0.9932 on the wave down, with loads of demand pressures coming below those levels. We expect the 0.9865/0.9729 area to significantly flatten the motion south, and could even not let the rate through. Overall, we stand in favour of a surge even if the bottom trend-line is not reached. The psychological 1.0000 level is also there, but has not proven strong, letting the pair slide in most occasions.
© Dukascopy Bank SA
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