© Dukascopy Bank SA
Just recently, 50 bars ago, USD/CHF has started to show activity that for the most part was directed upwards. Before that there was virtually little or now deviation from the previous close prices. This has led to formation of the upward-sloping channel, although its lower boundary at 0.9290 is currently at risk of being breached, a course of events that will invalidate near-term bullish outlook, which will be confirmed in case the pair manages to gain a foothold above the 200-hour SMA that is presently standing at 0.9320 along with the daily pivot point level. This should give the price enough impulse to surge up to the upper channel's boundary at 0.9435.
© Dukascopy Bank SA