|USD/CHF : A descending triangle is shaping|
Since the begining of August, the pair USD/CHF is moving without a trend between the support at 0.97 and the resistance at 0.98. Last highs allow us to make appear a descending triangle in h4 with a support at 0.97.
We advise to traders to trade short positions, waiting for the breakout of 0.97 that will give a new sell signal. The next support at 0.96 should then be reached. In h1, this scenario is reinforced by the recent breakout of a bullish slant (black line).
We stay bearish as far as 0.98 is resistance. In case of return above this level, a buy signal will be given. A test of 0.9875 should be then expected.
Analysis published by Bruno, the 08/21/2012 at 8h50 GMT+2
|Complete sheet of the pair USD/CHF - Previous USD/CHF Analysis|
|Chart of the pair USD/CHF - Timeframe 4H|
|Chart of the pair USD/CHF - Timeframe 1H|
|USD/CHF Live Chart - Timeframe : 4h|