GBP/CHF 1H Chart: Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Though GBP/CHF is not trading in boundaries of a triangle pattern anymore, the pair is still representing great opportunities for traders. At the moment of writing the pair was hovering at 1.4749, just 33 points above the apex point. Despite the fact the price almost touched pattern's boundaries once again, the outlook remains strongly bullish. Aggregate indicators on a 1H and daily charts are sending "buy" signals, and the fact the price penetrated the 200-hour SMA from the upside is reflecting the strength of bullish trend. Nevertheless, 73% of traders are holding short positions, meaning in the short term a move toward 200-hour SMA or apex point is expected, while the outlook is still bullish.
© Dukascopy Bank SA
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