EUR/CHF 4H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CHF started to shape an ascending triangle pattern in the end of June and broke through the pattern's support on November 4. Although the pair faltered below the triangle support for almost 14 hours, the breakout appeared false as the pair managed to surpass its 200-hour SMA and return to the pattern boundaries four hours ago. Now the currency pair may continue to climb (64.13% of market players bet on appreciation of EUR/CHF) thus prolonging the pattern. At the same time, proximity of the triangle apex signals that a real breakout is looming; however, it is still unclear whether the breakout will be bearish or bullish.
© Dukascopy Bank SA
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