- USD/CHF’s immediate bias remains neutral despite this week’s 1.6% gain.
- The pair is yet to exit a multi-week bearish channel.
The USD/CHF pair is currently trading at 0.9148, representing a 1.67% gain on the week. The pair has pretty much erased last week’s drop.
Even so, it is early to call a bullish reversal. That’s because the pair is still trapped in a bearish channel represented by trendlines connecting Sept. 25 and Nov. 2 highs and Oct. 9 and Nov.9 lows.
A daily close above the upper end of the channel, currently at 0.9178, would confirm the breakout and expose the Sept. 25 high of 0.9296. Alternatively, a close below Thursday’s low of 0.9131 would validate the rejection at the channel hurdle seen on Wednesday and shift risk in favor of a drop to recent lows near 0.90.
Daily chart
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Trend: Neutral
Technical levels
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