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USDCHF stays within a downward price channel

Discussion in 'Technical Analysis' started by ForexCycle.com, Jul 31, 2013.

  1. ForexCycle.com

    ForexCycle.com Content Contributor

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    USDCHF stays within a downward price channel on 4-hour chart, and remains in downtrend from 0.9535, the rise from 0.9264 is likely consolidation of the downtrend. Resistance is located at the upper line of the channel. As long as the channel resistance holds, the downtrend could be expected to resume, and another fall to 0.9200 area is still possible. On the other side, a clear break above the channel resistance will indicate that lengthier consolidation of the longer term downtrend from 0.9751 is underway, then further rally to 0.9450 area could be seen.

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