USD/CHF reveals triangle pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


By large, the USD/CHF trades between the 0.9300 and 0.9150 levels in February. Meanwhile, the rate is being highly volatile, as risk on and risk off fundamental changes in the markets create inflows into the Swiss currency. In addition, it was spotted that the pair could be trading in a large scale triangle pattern. the pattern is marked by connecting the high and low levels that have been booked since November.

On March 8, the currency pair was testing the resistance of zone that is located below the 0.9300 mark. The zone had kept the US Dollar down against the Swiss Franc throughout February.

A bounce off from the 0.9300 zone might look for support first in the combination of the 50 and 200-day simple moving averages near 0.9200/0.9215. Below the simple moving average, the rate's decline could be stopped by the lower trend line of the triangle pattern. The trend line connects the January and February low levels and passes below the pair, starting from 0.9160. Event further below, take into account the February low levels at 0.9150 and the zone below 0.9100.

However, a surge above the 0.9300 mark is expected to almost immediately test the resistance line, which connects the January and November high levels. The trend line descends, starting from 0.9330. Above the trend line, note the November and October high level zone at 0.9360/0.9375.
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