Reviewing our old USD/CHF channel, we note again how well it's held for over a month, with recent upside and downside movements reacting strongly to the channel (view the highlighted areas below.) In addition to our channel, we've incorporated retracement levels using the highs from 11/16/05 and the lows from 3/16/08. Zooming in on the 38.2% retracement on the hourly, we notice that the key 1.1030 area which tops our channel. The pair seems to be consolidating its recent gains right below and a real break of the channel or this key resistance area could create a new dynamic for the pair ahead of any significant geopolitical or economic events.