Daily Forex Update: USD/CHF

The current intraday downtrend on the USD/CHF reflects the U.S. Dollar’s mid-day turn-around. The Dollar rolled over thanks to a strong recovery in the U.S. equities market, which sent the Dollar bulls running. As the Swiss Franc gained on a weakening Dollar, the USD/CHF’s 15-minute time frame trended lower and formed a Channel Down pattern. However, with prices trading just below 1.1500 as the chart transitions out of the market-down cycle, the pattern may be close to testing downtrend line resistance.