USD/CHF Price Analysis: Up 1.6% this week, but still trapped in falling channel

USD/CHF's immediate bias remains neutral despite this week's 1.6% gain.
The pair is yet to exit a multi-week bearish channel.

Omkar Godbole FXStreet Contributor

The USD/CHF pair is currently trading at 0.9148, representing a 1.67% gain on the week. The pair has pretty much erased last week's drop.

Even so, it is early to call a bullish reversal. That's because the pair is still trapped in a bearish channel represented by trendlines connecting Sept. 25 and Nov. 2 highs and Oct. 9 and Nov.9 lows.

A daily close above the upper end of the channel, currently at 0.9178, would confirm the breakout and expose the Sept. 25 high of 0.9296. Alternatively, a close below Thursday's low of 0.9131 would validate the rejection at the channel hurdle seen on Wednesday and shift risk in favor of a drop to recent lows near 0.90.

Daily chart

Trend: Neutral

Technical levels

USD/CHF

Overview
Today last price	0.9149
Today Daily Change	-0.0004
Today Daily Change %	-0.04
Today daily open	0.9153

Trends
Daily SMA20	0.9109
Daily SMA50	0.9138
Daily SMA100	0.9185
Daily SMA200	0.9419

Levels
Previous Daily High	0.9175
Previous Daily Low	0.9132
Previous Weekly High	0.9208
Previous Weekly Low	0.8982
Previous Monthly High	0.9219
Previous Monthly Low	0.9031
Daily Fibonacci 38.2%	0.9148
Daily Fibonacci 61.8%	0.9159
Daily Pivot Point S1	0.9131
Daily Pivot Point S2	0.911
Daily Pivot Point S3	0.9088
Daily Pivot Point R1	0.9175
Daily Pivot Point R2	0.9197
Daily Pivot Point R3	0.9219

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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