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USD/CHF Rising Channel Forming (January 29, 2014)
USD/CHF seems to be on the start of an uptrend on its 1-hour time frame, as a rising channel is beginning to form. The pair just found support at the bottom near the .8950 minor psychological level and might be on its way to test the top.
Stochastic is pointing up, indicating that bulls are in control at the moment. However, the oscillator is close to reaching the overbought zone, which suggests that bears might take over soon. If that’s the case, USD/CHF might encounter resistance around the middle of the channel near .9050.
Going long at market with a stop below the previous low and a target of the top of the channel around .9200 could yield a good return on risk. To protect profits or minimize exposure ahead of the FOMC statement, one could adjust the stop loss to entry later on.
By Kate Curtis from Trader's Way
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