USDCHF - Daily chart channel - bearish and bullish outlook
- USDCHF has bounced off support at bottom of the main daily channel and is now hitting resistance on the 4 and 1 hourly channel, price could retrace from here close to previous level at lower end of channel shown by arrow on the chart.
- However price could stick to the daily channel it has been in and break the 4 hourly sub-channel, on this break it would be good to take a long position, if break is quick to the upside then wait for price to retrace to 4 hourly channel using previous dynamic resistance line as support to take position.
- Person bias is to the upside as the main daily channel is generally stronger than sub-channels that form, will wait for market to make its mind up before taking a position.
- However price could stick to the daily channel it has been in and break the 4 hourly sub-channel, on this break it would be good to take a long position, if break is quick to the upside then wait for price to retrace to 4 hourly channel using previous dynamic resistance line as support to take position.
- Person bias is to the upside as the main daily channel is generally stronger than sub-channels that form, will wait for market to make its mind up before taking a position.