USD/CHF 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Instead of going into a nosedive after numerous attempts to breach the resistance at 0.9010,  USD/CHF entered a consolidation phase that appears to be a symmetrical triangle. And while the technical indicators are not helping to determine the direction of a break-out, the currency pair is closing in on the apex of the pattern.
Considering the formidability of the resistances lying overhead, it is hard imagining a rally. A dip beneath the up-trend line at 0.8924 and a subsequent test of the Jun 19 low at 0.8908 seems to be a more likely course of events, given the current conditions. Nevertheless, the SWFX sentiment is explicitly bullish—67% of open positions are long.
© Dukascopy Bank SA
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