USD/CHF Technical Analysis: Symmetrical triangle on hourly chart signals return of 1.0000
|USD/CHF is trading near 1.0020 while heading into the European session on Monday. If we observe a week’s movement, the short-term symmetrical triangle can be spotted on an hourly chart.
With the quote’s recent U-turn from formation resistance, chances of its pullback to the pattern-support figure of 1.0000 seem brighter.
In doing so, 1.0010 can offer an intermediate halt to the prices.
Should there be additional downside past-1.0000, 0.9980, 0.9960 and 0.9930 can come back on the chart.
Meanwhile, an upside clearance of 1.0025 resistance-line can trigger the pair’s increase to 1.0035 and then to 1.0045.
Given the buyers manage to rule beyond 1.0045, 61.8% Fibonacci expansion (FE) of current month moves, at 1.0070, could flash on their radar to target.
USD/CHF hourly chart
Trend: Pullback expected
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