USD/CHF 4H Chart: Triple Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The USD/CHF currency pair has started forming the triple top pattern in the middle of July, since then covering 132 bars on the 4H chart. Recently the U.S. Dollar has crossed the lowest valley of the pattern; however, after four candles it has successfully returned above the mentioned mark of 0.9040. Taking into account the fact that the currency pair is trading in a general long-term bearish trend at least since July 2012, we expect the pair to drop further. On its way down, the pair will soon face a strong demand area, first at 0.9034 (Daily PP) and then the weekly S1/major level at 0.9005/00. On the other hand, traders assume the pair is going to trade upwards, as 72% of all positions are long.
© Dukascopy Bank SA
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