The formation of the USDCHF currency pair hints at the construction of an upward trend that moves within the green channel. At the end of January, the price jumped from the lower green line to the upper green line in a few days. However, the bulls were unable to break through the upper green wall.
From the end of January to the present day, the price gradually decreases in the lower green line direction within the descending yellow channel. At the moment, the price is in the lower green area. There is a high probability that the bears will soon approach the support level of 0.915. If this price level is broken, then the decline of the USDCHF pair may continue to the lower yellow line and the support level of 0.908.
Alternatively, an upward movement of the market is expected. Perhaps the price will rise in the upper yellow wall. If the bulls are able to break through the resistance level of 0.925, which is on it, then the upward price movement can continue to the upper wall of the green channel and the resistance level of 0.939.
An approximate scheme of possible future market movement is shown on the chart.
If the bears can hold their positions, then it is recommended to continue selling. If bulls enter the market, then we should think about opening deals for purchases.
