Technical Analysis: USDCHF stays weak inside three-week-old falling channel
While observing the USDCHF pair's early-month pullback from 0.9783 coupled with the previous week's bounce off 0.9637, the quote seems to portray a short-term falling trend channel. As a result, sellers can keep 0.9660 and 0.9625, comprising the channel's support, as immediate supports. However, failures to pullback from 0.9625 will again highlight 0.9590/82 area as the key downside hurdle.
If at all the pair manages to recover from the present levels near 0.9710, the channel's resistance line around 0.9740 and the monthly top close to 0.9785 will lure the bulls. Though, 0.9800 will still become the strong resistance for the pair to cross beyond 0.9785 if it wants to keep the bulls happy.FB and Twitter to stay updated on the latest market events.