USD/CHF 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since November 4 the Dollar/Franc currency pair has been decreasing its trading range, which eventually led to formation of the triangle pattern. On Monday, the pair reached a point, where the break-out is going to take place and we assume it to happen to the upside. The cross is already testing strength of the upper boundary at 0.9652. If successful, then we are going to observe a strong bullish move, with the medium-term goal at 0.9766 (weekly R1; daily R3). This idea is supported by hourly technical indicators and 67% of market participants who are holding long positions on the US dollar. At the same time, the 4H studies think the pair will lose value in the future.
© Dukascopy Bank SA
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