EUR/CHF 4H Chart: Symmetrical Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CHF continued its flattish uptrend, adding an upper boundary to create a symmetrical triangle. The pattern implies continuation of the bullish themes with a potential break above 1.0962, the upper triangle trend-line, which would open the way to 1.0973, the upper Bollinger Band. Meanwhile, some bearish pressures, such as the 55 and 100-period SMA crossover lying above the current rate and short-term technical indicators pointing south, could gather enough strength to push the pair through the lower boundary at 1.0926 to target 1.0917 next. In case the rising scenario does, however, hold, the pair will face near-term resistances inside of the pattern at 1.0935 with stronger supply pressures stemming from 1.0941.
© Dukascopy Bank SA
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