USD/CHF 4H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
USD/CHF exited a 200-bar long triangle pattern in the first days of May. Although the breakout was bearish, we have not seen a massive sell-off up to now and considering the SWFX data, the pair is likely to lack direction in the foreseeable future. According to the SWFX numbers, about 54% of traders bet on appreciation of the pair, while circa 46% of them are bearish on the instrument. Meanwhile, technical data points to a weakness in the short and medium-terms, suggesting a sharp decline that usually follows a bearish exit may still lie ahead.
© Dukascopy Bank SA
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