USD/CHF 1H Chart: Upside potential likely
The US Dollar has been depreciating against the Swiss Franc since the beginning of September. This movement has been bounded in a descending channel.
Currently, the pair is trading near the lower boundary of given channel. The common scenario would be a reverse from the lower channel line and a surge towards the upper boundary of the descending channel located circa 0.9740. However, technical indicators suggest that this advance might not be immediate due to the resistance cluster formed by a combination of the 100-, 200-hour SMAs and the weekly PP at 0.9690.
An important resistance level to look out for is the 55-hour SMA at 0.9668.
Currently, the pair is trading near the lower boundary of given channel. The common scenario would be a reverse from the lower channel line and a surge towards the upper boundary of the descending channel located circa 0.9740. However, technical indicators suggest that this advance might not be immediate due to the resistance cluster formed by a combination of the 100-, 200-hour SMAs and the weekly PP at 0.9690.
An important resistance level to look out for is the 55-hour SMA at 0.9668.