USD/CAD 1D Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Considering the pattern emerging in the daily chart of USD/CHF, demand for the Greenback is building up, and the pair is ready to negate some of the earlier 2016 losses. The other studies, however, suggest a different scenario. According to the latest SWFX data, as many a 74% of traders are already long the US Dollar. At the same time, there is a tough resistance at 1.33, created by the 200-day SMA. Still, the key levels are at 1.3150 and at 1.29. A breach of any of these levels will imply continuation of the movement in the same direction. If the price closes above 1.3150, we will expect a gradual recovery to the January high. Conversely, if 1.29 is broken, the price will likely fall to 1.19 by the end of Q3.
© Dukascopy Bank SA
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