USD/CHF: Triangle Is Pointing To The Upside
USD/CHF has been moving sideways since the end of March. We see five price swings between two trendlines that reminds us on a triangle formation. That’s a five wave A-B-C-D-E pattern that occurs in the direction of a trend, so it’s a continuation formation that suggests more upside for USD/CHF. In fact, this bullish trend continuation may resume very soon after recent bounce from 0.9470 and towards the upper resistance line. Move from the last few days is sharp, so break above the trendline may not be far away, which will confirm a bullish run for the USD against the Swiss franc. We see 1.0000 coming, but then even 1.0300-1.0400 in months ahead.
USD/CHF Daily Chart