- EUR/CHF is trying to break out of a Triangle pattern.
- If it succeeds it will probably lead to further downside towards the price objective for the pattern.
EUR/CHF is attempting to break out of a Triangle pattern it has formed over the last three months (see chart below).
EUR/CHF Daily Chart
A bearish close on Tuesday will indicate a decisive breakout has happened and suggest the start of a likely strong decline.
The market activity prior to the formation of the Triangle (Since May 27) further tips the odds in favor of a downside evolution.
If EUR/CHF breaks below the 0.9307 level (September 11 lows) it will further confirm an authentic bearish breakout, with the next target to the downside at 0.9132, the 61.8% Fibonacci extrapolation of the height of the Triangle lower.
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USD/CHF Price Prediction: Unfolding bullish leg within range
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USD/CHF has been oscillating since late August.
It is currently unfolding a bullish leg within that sideways trend.
USD/CHF is trading within a range which began forming after the August lows. It is currently rising up within that range in a bullish leg which has reached about the midpoint of the consolidation.
USD/CHF 4-hour Chart
USD/CHF is not in a bullish or bearish trend in the short-term but rather probably a sideways trend. Since it is a principle of technical analysis that “the trend is your friend” the odds favor a continuation of this trend. This suggests the current move up will probably continue until it reaches the range highs before rotating down and continuing the sideways oscillation.
The Moving Average Convergence Divergence (MACD) momentum
USD/CHF gains amid US labor market strength
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In Friday’s session, the USD/CHF recovered surging above the 0.8965 mark. Strong Nonfarm Payroll data from the US propelled the USD across the board. US Treasury yields increased while the odds of a cut in September by the Fed slightly declined.
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