NZD/CHF 1H Chart: Symmetrical Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A symmetrical triangle helped NZD/CHF recover from the US Election plunge, causing a break above the upper trend-line at 0.7094 on Thursday. It appears that the pair has undergone a correction of the broken trend-line bouncing from it several times, meaning that up is now where the directional risk is skewed. Currently testing the 200-hour SMA at 0.7115, the rate is giving in to supply pressures and could require a larger-scale retracement than that immediately post-breakout. On the other hand, pressures from below will more likely manage to elevate the rate to test 0.7126, 0.7144 and 0.7165 if the rally extends.
© Dukascopy Bank SA
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