EUR/CHF 1H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pair narrowed it's trading range from 160 to 50 pips since the start (397 bars) of the pattern. At the moment pair is undergoing a bearish pullback which was caused by the 20-day SMA/61.8%. And trading just slightly outside the boundaries of the pattern. It is worth mentioning that approximately 70% of triangle pattern's have pullbacks and in around of 70% of those cases eventual breakout direction coincides with the direction of the initial outbreak. Fibonacci retracements (6th to 15th of August move) do not seem to be strong as support but seems to be working as resistances pretty well (last rebound from the pattern's resistance and pullback).

© Dukascopy Bank SA
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