Daily Forex Update: USD/CHF

Thanks to continued weakness on the USD/CHF’s 240-minute chart, a Channel Down pattern has formed – one that is currently testing downtrend line resistance at 1.1139 (A). This level is likely to be an exhaustion point within the formation that, if it proves true, would trigger an Autochartist Retracement/Correction (ARC) entry. Expectation for more downside comes from Autochartist’s seven-bar Initial Trend reading, which confirms the bearish sentiment within the USD/CHF market.