|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
Updated the 08/23 - Last tuesday, the pair USD/CHF got out from the bottom of its descending triangle. The breakout of the support at 0.97 gave us a new sell signal. Then, the next support at 0.96 has been reached. This level has just been broken (new sell signal).
In h1, the bearish movement seems to take support on a bearish slant (blue line). We stay bearish as far as 0.9660 (last high) is resistance. At this moment, there is no sign of a correction and that's why the major support at 0.95 could be reach shortly.
In case of return above 0.9660, we will be neutral between this level and 0.97.
|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|