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Forex pairs in this Article » USD/CHF (San Francisco) - USDCHF broke below rising channel support on Thursday, better visible in the 4-hour chart, and trades at 0.9305 after hitting to a 9-day low of 0.9293.

As Fan Yang, CMT, Chief Technical Strategist at FXTimes explains: "When you zoom out to the daily chart, this rising channel is more like a flag pattern. The break below the flag signals resumption of the previous downtrend that has been developing since the 0.9970 high in July."

At the time of writing, USDCHF is poised to record a 0.9% loss at the closing bell in New York. A key 50% retracement level at 0.9395 has also attracted sellers, and if the pair downward momentum extends in the global day ahead, bids may be tested at 0.9240 (Sep 14 low). Below there, support is noted at 0.9175 (Mar 22 high), then 0.9150 (Nov 10, 2011 high).
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