The US Dollar has strengthened by 3.94% against the Swiss Franc during the past few weeks. This movement has been stranded in an ascending channel.
As apparent on the chart, the pair has failed to reach its upper boundary since March 9 and is currently being restricted by the monthly R1 at 0.9550. This situation suggests that the pair might have lost its upward momentum and thus could be forming a new bearish wave.
Given that the rate has been supported by the 100– and 200-hour SMAs, bulls might still push the rate higher up to the 0.96 area. Its subsequent move, however, should be a breakout of the medium-term channel and a correction south. The Greenback is expected to target the 23.60% Fibonacci retracement at 0.9391 within the following two weeks.
As apparent on the chart, the pair has failed to reach its upper boundary since March 9 and is currently being restricted by the monthly R1 at 0.9550. This situation suggests that the pair might have lost its upward momentum and thus could be forming a new bearish wave.
Given that the rate has been supported by the 100– and 200-hour SMAs, bulls might still push the rate higher up to the 0.96 area. Its subsequent move, however, should be a breakout of the medium-term channel and a correction south. The Greenback is expected to target the 23.60% Fibonacci retracement at 0.9391 within the following two weeks.