USD/CHF 4H Chart: Descending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rare descending triangle pattern was formed by one of the most traded currency pairs on May 22 and it seems that the pattern is moving to its apex. The reason for such a suggestion is that both trend line will converge on September 9, while the trading range is narrowing rapidly, reinforcing a view of the upcoming breakout. The short term outlook would be bullish, as market sentiment is bullish (74%) and technicals on 4H chart are sending "sell" signals. However, the medium and long term outlook would be bearish, therefore, the downside breakout could be anticipated. Moreover, in 64% of all cases descending triangles are breaking to the downside.
© Dukascopy Bank SA
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