USD/CHF 1H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Because of the contradicting signals it is a thankless task to try to predict direction of a break-out. On the one side, an ascending triangle indicates growing demand, and the studies are bullish. On the other side, USD/CHF is currently consolidating after a strong sell-off, which resulted in a breach of the long-term SMA. However, we know the height of the pattern (120 pips), meaning in case of a close above 0.98 there is likely to be a rally towards the August high at 0.99. Alternatively, if the green up-trend is violated, there is likely to be a decline down to the weekly S1 at 0.9666. As for the sentiment of the SWFX market, the traders are mostly bearish: 72% of positions are short.
© Dukascopy Bank SA
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