CAD/CHF 1W Chart: Symmetrical triangle

Source: Dukascopy Bank SA
CAD/CHF is displaying a set of interesting development on the weekly chart – starting from a trend-opposing ascending triangle and ending with a continuation-signalling symmetrical triangle formation. The pair appears to have been trying to reverse for a while now, setting several patterns and attempting to form a head and shoulders, which then turned into an indistinct trading range. While the symmetrical triangle suggests a continuation of the previous downtrend, we stand in favour of an upward breakout of 0.7545 - the horizontal resistance and slightly sloped upper line cluster, opening the way for tests of 0.7886, a potential retracement area.
© Dukascopy Bank SA
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