USD/CHF 1H Chart: Channel Up
USD/CHF 1H Chart: Channel Up
- The American Dollar is trading against the Swiss Franc simultaneously in descending and ascending channels.
- The latter pattern consists of four confirmation points, where the last one represents a rebound of the exchange rate from the monthly PP at 0.9613.
- In the upcoming hours it will become clear, which formation is going to guide further movement of the currency pair.
- Most probably, strength of the older channel is going to prevail.
- This a assumption is on the fact that the northern passage is protected by combined resistance level set up by the 100- and 200-hour SMAs in conjunction with the weekly PP at 0.9668.
- Moreover, the subsequent downfall will enable the pair to finally reach the lower edge of the third, dominant channel down.
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