USDCHF Triangle

USDCHf has reached the support zone at 1.1225/50 and we have already seen the pair bounce a couple of times failing to punch through; this support zone coupled with the trendline connecting a series of lower highs is forming a triangle over the course of past few days. Although this looks like a strong support level a break from here will increase the bearish momentum and push the pair all the way down to 1.11 perhaps even lower.

USDCHf has reached the support zone at 1.1225/50 and we have already seen the pair bounce a couple of times failing to punch through; this support zone coupled with the trendline connecting a series of lower highs is forming a triangle over the course of past few days. Although this looks like a strong support level a break from here will increase the bearish momentum and push the pair all the way down to 1.11 perhaps even lower. Conversely a movement above the resistance trendline will open up the recent highs as the next natural bullish target; as usual we will wait for a break-out move and trade the retracement.

 

[NP][/NP]