USDCHF confirmed a major hourly channel breakout recently. Here we expect to see a further decline in price which is expected to revisit back towards the highlighted bottom level support/key level formed.
This channel has created a very strong supported trend line with its lower boundary which has now been invalidated with its breakout confirmation. The key level is holding a level of 38% on the Fibonacci retracement on its major bullish trend.
This channel has created a very strong supported trend line with its lower boundary which has now been invalidated with its breakout confirmation. The key level is holding a level of 38% on the Fibonacci retracement on its major bullish trend.
Note
USDCHF has dumped about 90 pips from the initiated entry-level identified with the breakout this week. We see a potential reversal in the demand zone which has slowed down the bearish trend for some time. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.