USD/CHF 4H Chart: Medium term decline
The US Dollar has been declining against the Swiss Franc in May. The decline began after the currency exchange rate met with the upper trend line of a dominant ascending channel up. Moreover, the reversal occurred just as the rate reached above the psychological 1.00 mark.
In the aftermath of the bounce off from the resistance, the currency exchange rate traded almost sideways. However, most recently the rate booked a point of reference, which provided the chance to mark a descending channel pattern.
The pattern is set to guide the rate to the lower trend line of the dominant channel. Although, that does not mean that the rate should be shorted, as the dominant support could be reached by trading sideways.
In the aftermath of the bounce off from the resistance, the currency exchange rate traded almost sideways. However, most recently the rate booked a point of reference, which provided the chance to mark a descending channel pattern.
The pattern is set to guide the rate to the lower trend line of the dominant channel. Although, that does not mean that the rate should be shorted, as the dominant support could be reached by trading sideways.
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