The US Dollar has been constrained by a descending channel against the Swiss Franc after hitting a resistance at the 200—hour simple moving average on January 10.
The currency pair has been bouncing between the upper and lower boundaries of the junior channel. However, there could be a breakout through the upper boundary during the next trading days.
If the USD/CHF pair moves past a resistance cluster set by the combination of the 55- and 100– hour SMAs, the rate could be heading for the weekly R1 at 0.9397.
