USDCHF Daily Analysis – October 26, 2017

USDCHF extended its upside movement from 0.9420 to as high as 0.9939. As long as the price is in the rising price channel on the 4-hour chart, the upside movement could be expected to continue after consolidation and next target would be at 1.0000 area. On the downside, the pair just bounced off the top trend line of the channel, suggesting that consolidation for the uptrend is underway. Near term support is at 0.9835, a breakdown below this level could bring price to the bottom of the channel now at around 0.9760. Below the channel support could signal completion of the uptrend, then the following correction pullback could take price back towards 0.9564.

USDCHF 4-hour chart