USD/CHF Waiting Breakout From Triangle Consolidation
Ascending triangle: The 1H USD /CHF chart shows a pair that has been trading in a triangle consolidation a bullish swing last week. It is basically an ascending triangle. The moving averages converged as expected in a consolidation, but looks to be getting back into bullish alignment. Price can extend this very short-term bullish trend if it pushes above the resistance pivot at 0.9245. Perhaps we will get another swing like the one we had last week.
Momentum: The 1H RSI kissed 70, and has held above 40. A return above 60 would reflect bullish continuation momentum. A break below 40 would show loss of bullish momentum.
Upside vs Downside: Looking at the daily chart, we see that upside risk is a falling channel resistance, above which we might consider 0.9380 area resistance. To the downside, the area around 0.92 appears to be important (in the 1H chart) – a support/resistance pivot area. This might need to be cleared before trigger a bearish outlook, which returns focus to the downside and focus on the 0.92-0.9215 area.
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