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USDCHF Triangle

Fri, Oct 10 2008, 09:11 GMT
by Forex Hound Analysis Team

ForexHound.com


USDCHf has reached the support zone at 1.1225/50 and we have already seen the pair bounce a couple of times failing to punch through; this support zone coupled with the trendline connecting a series of lower highs is forming a triangle over the course of past few days. Although this looks like a strong support level a break from here will increase the bearish momentum and push the pair all the way down to 1.11 perhaps even lower. Conversely a movement above the resistance trendline will open up the recent highs as the next natural bullish target; as usual we will wait for a break-out move and trade the retracement.

USD CHF


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