© Dukascopy Bank SA
During the last 60 hours USD/CHF has been trading within two converging trend-lines, in other words forming a triangle. However, while we are more or less confident in the down-trend resistance, the lower boundary of the pattern might not be the up-trend, but the horizontal line at 0.9341, around which most of the local lows were charted, meaning that the pattern is rather a descending triangle. Still, the support at 0.9352, created by the daily S1 and four-hour S3, apart from the rising line, is likely to prove to be an important one, especially considering that 69% of SWFX traders expect the U.S. Dollar to outperform the Swiss Franc.
© Dukascopy Bank SA