FXstreet.com (Barcelona) - The Dollar has remained consolidating between 1.1640 and 1.1740 for the current week so far, after last week's rally from 1.1305 low on Apr 14, while, on the daily chart, the USD/CHF seems to be shaping a fairly clear triangle pattern.
Tim Salem, FXstreet.com collaborator sees the pair trading on a neutral bias in a triangle formation: Consolidation continues as Price looks to break the Hourly Triangle Formation with RSI Readings and Slope at 51 and both Hourly SMA's showing Neutrality. Dynamic Support with the Daily Pivot at 1.1675 contains Price in the Immediate-Term, with Downside Risk only being seen with a Violation of 1.1645 Static Support.
In case of breaking below mentioned support, next levels, according to Salem could come at: Further falling sees 1.1624 and 1.1593 Static Support, where the Hourly 200SMA at 1.1541 should contain Price in the near-Term.
In regards of a bullish breakout, Salem points out to 1.1727: Bullish Sentiment needs to see a breach of 1.1727 with Significance moving towards the 1.1750's Area, and ultimately beyond to the 1.1840 Dynamic Resistance.
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