USD/CHF 4H Chart: Encounters Resistance Cluster

The US Dollar has been trading in a descending channel against the Swiss Franc since early November 2017. After reaching the lower boundary of the dominant descending pattern on February 14, the currency pair began to appreciate and has since remained bullish.

The exchange rate has been guided up by the 55– and 100-hour simple moving averages. However, the pair has encountered a resistance cluster set by the monthly R1 and the weekly R1 at the 0.9643 area.

As for near future, it is expected the currency exchange rate to breach and move past the aforementioned resistance cluster. In addition, technical indicators favour bulls to grow stronger during the following trading sessions.

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