USD/CHF 4H Chart: Channel Down
USD/CHF 4H Chart: Channel Down
- The American Dollar is losing value against the Swiss Franc in a medium-term descending channel.
- The pattern started to form practically two months ago after a three day long depreciation of the Greenback, which put the currency rate below the 55-, 100- and 200-period SMAs.
- In the end of the previous week the pair has reached the second reaction high and, starting from Monday, began to gradually exit from a triple top formation.
- More specifically, the first hours of Tuesday trading session already showed that the pair has bypassed the weekly S1 at 0.9603.
- In accordance with technical theory, the rate is expected to continue the downfall approximately until the 0.95601 level, which located slightly below the weekly S2.
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