GBP/CHF 1H Chart: Triple Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 173-bar long triple bottom pattern is formed by GBP/CHF on a hourly chart. The pair is bounded between 1.465 and 1.454 since September 19 and during the last 174 bars the pair has been fluctuating in a 100 pips range. Earlier it was a double bottom pattern and on September 27 many traders were expecting a downside breakout, however, the pair bounced back and already touched pattern's upper trend line. Nevertheless, it is expected that bears will continue testing the support line, as indicators on a 4H chart are sending "sell" signals, while on 1.4624 bulls will face a 200-hour SMA, which is always posing certain difficulties for further movement.
© Dukascopy Bank SA
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