USD/CHF 4 Chart: Channel Down

Being that USD/CHF is still unable to restore bullish momentum and gain a foothold above 0.90, the bears do not waste time and constantly push the price downwards. At the moment the rate is fluctuating just below the down-trend, meaning there is an increased likelihood of a sell-off in the nearest future. In this case the support at 0.8899 (weekly S1 and Jul 14 low) is going to become the first target, and the dip will be expected to extend down to 0.8820 eventually. However, it must be noted that the market disagrees with the bearish channel staying intact for long, since as many as 70% of traders are planning to profit from appreciation of the U.S. Dollar relative to the Franc.