USDCHF: Channel Up running out of fuel?

9 Mar 2023

The USDCHF pair is trading inside a Channel Up for the past month and the neutral technicals on the 1D time frame (RSI = 53.552, MACD = 0.004, ADX = 31.980) suggest that this is a buy opportunity. Righfully so the price is near the the bottom of the Channel and on a tight SL you can target the 0.382 Fibonacci, with the strongest Resistance being the 1D MA200 up ahead.

We believe the better trade is to short if this Channel Up breaks downwards and in particular under the 1D MA50. We expect to see a Support 1 test (TP1 = 0.9100) and if broken, move lower towards Support 2 (TP2 = 0.89500).



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