USDCHF’s 2-month rise within a rising channel
reached 0.9903 (August 11, 2015 high) near the 0.9683 resistance area
(April 13, 2015 lower high) and around 76.4% of the 1.0129/0.9073 fall (as shown on the daily chart
). Subsequent sharp fall breaks below a series of daily lows including 0.9761 (August 5, 2015 low), helping alleviate the overbought condition and offering scope for the 0.9719/0.9668 support zone
near the channel lower bounds which could hold the dips. However, a sustained break below the channel support would caution for near-term topping and risk a return towards 0.9526 and the 200 day moving average currently at 0.9540.
Short term: neutral
Long term: neutral