USD/CHF Technical Analysis: Traders await a convincing break through a rectangular chart pattern

Haresh Menghani FXStreet

• Over the past four trading sessions, the pair has been oscillating in a narrow trading range below the parity market, forming a rectangular chart pattern on hourly charts.

• A rectangle is a continuation pattern that forms as a trading range during a pause in the trend, though sometimes marks a significant trend top or bottom.

• Meanwhile, mixed technical indicators on hourly/daily charts seemed to hold back traders from placing any aggressive near-term directional bets.

• Hence, it would be prudent to wait for a convincing break through the mentioned range before traders start positioning for the pair's near-term trajectory.

USD/CHF 1-hourly chart

USD/CHF

Overview:
    Last Price: 0.9953
    Daily change: -7.0 pips
    Daily change: -0.0703%
    Daily Open: 0.996
Trends:
    Daily SMA20: 0.9876
    Daily SMA50: 0.9801
    Daily SMA100: 0.9865
    Daily SMA200: 0.9741
Levels:
    Daily High: 0.9982
    Daily Low: 0.9938
    Weekly High: 0.9978
    Weekly Low: 0.9848
    Monthly High: 0.982
    Monthly Low: 0.9542
    Daily Fibonacci 38.2%: 0.9965
    Daily Fibonacci 61.8%: 0.9955
    Daily Pivot Point S1: 0.9939
    Daily Pivot Point S2: 0.9917
    Daily Pivot Point S3: 0.9896
    Daily Pivot Point R1: 0.9982
    Daily Pivot Point R2: 1.0003
    Daily Pivot Point R3: 1.0025

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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