USD/CHF 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CHF is currently consolidating after a decline as a result of the pair testing 1.0320. Since a triangle is a continuation pattern, a close beneath the up-trend and a follow-up sell-off to 0.96 is considered to be more likely than a break-out to the upside. Another strong bearish argument is the fact that the rate has broken through the long-term SMA. However, we must admit that there are also plenty of reasons to be bullish. For example, while the near-term indicators are mixed, the weekly studies are pointing upwards. At the same time, the distribution between the long and short positions is heavily skewed in favour of the former that take up 74% of the market.
© Dukascopy Bank SA
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