EUR/CHF 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Throughout the past 90 hours EUR/CHF has been trading within two converging trend lines, thereby forming a symmetrical triangle. However, just now the upper edge of the pattern has been crossed, meaning that the risks are now heavily skewed in favour of a rally. For the bullish intentions to be confirmed the pair has to overcome the resistance at 1.2321, even though it consists of the daily R1, four-hour R2 and the 200-hour SMA. There is a high chance of a dip from this level at first, but if the support at 1.2308 withstands, then 1.2321 and some of the subsequent resistances are likely to fall to a robust rally.
© Dukascopy Bank SA
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