USD/CHF 4H Chart: Channel Up
Recently the US Dollar encountered a support combination of two notable levels of significance against the Swiss Franc. The support consists of the 2016 low level and the lower trend line of the dominant channel down pattern.
As a result of the rebound a medium term ascending channel has formed itself. However, its lower trend line has not been fully confirmed. Although, on Friday the proposed support line of the pattern was located exactly at the monthly S1 at 0.95, which gives it some credibility.
Due to these factors combined, it can be assumed that the pair will pass the support of the monthly PP at the 0.9613 level, and decline to the just mentioned combination of support at 0.95.
As a result of the rebound a medium term ascending channel has formed itself. However, its lower trend line has not been fully confirmed. Although, on Friday the proposed support line of the pattern was located exactly at the monthly S1 at 0.95, which gives it some credibility.
Due to these factors combined, it can be assumed that the pair will pass the support of the monthly PP at the 0.9613 level, and decline to the just mentioned combination of support at 0.95.
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