USD/CHF In The Middle Of A Triangle Pattern

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USD/CHF In The Middle Of A Triangle Pattern

By James Chen on June 19, 2009 | More Posts By James Chen | Author's Website

Much like some other major currency pairs, price action on USD/CHF, a daily chart of which is shown, has formed a triangle consolidation pattern. Currently, price is right around the vertical middle of this converging consolidation, potentially preparing for a key directional move. Any substantial downside break of the triangle should meet immediate support in the 1.0600 price region. To the upside, a breakout above the top border of the triangle with momentum could target further resistance around the 1.1115 support/resistance region.

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