The US Dollar has surged by 95 pips or 0.99% in value against the Swiss Franc since January 15. The currency pair tested the upper boundary of a descending channel pattern at 0.9712 on January 27.
Given that the USD/CHF exchange rate is trading near the upper boundary of the descending channel pattern, a breakout might occur within this week’s sessions.
If this breakout occurs, a surge towards a resistance cluster formed by the weekly R2 and the monthly PP at 0.9774 could be expected.
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However, if the descending channel holds, the currency exchange rate will most likely continue its downward movement in the shorter term.
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