GBP/CHF 30M Chart: Symmetrical Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CHF consolidated the uptrend in a symmetrical triangle, breaking it to the upside as predicted. The pair has currently been stalled by the daily R1 at 1.2982, which has led to a few red candles. Along with breaking the pattern, the pair pushed through a red Ichimoku cloud, setting immediate resistance at 1.2854. If the rate breaks above 1.2982, which we expect it will do, risk will shift to 1.2966 and 1.2983 after that. The multitude of demand pressures in the form of SMAs stemming from below, leaves little doubt that a surge will extend after the current red zone is explored.
© Dukascopy Bank SA
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