USD/CHF: Price is consolidating within a large Ascending Triangle

Tian Kriek

Analyst


December 10, 2019 07:05 AM

BEARISH

Daily Trading Range:
USD/CHF: Price is consolidating within a large Ascending Triangle pattern with the resistance at 1.0200. In the event that 1.0200 resistance is broken then price will contnue higher to the Monthly Fib D @ 1.1156. The weekly Fibs are also in an UP ABCD swing. On the Daily chart I can see a large Broadening Formation which suggests that price could move either way. I am passing on this pair for now. The Diamond formation on the 2 Hour time frame has been broken to the downside suggesting that price could move to 0.9800 or even below. I am wating for a buy at a low price.

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 0.9960
Resistance 2: 1.0000
Resistance 1: 1.0300
Current Price 0.9857
Support 1: 0.9600
Support 2: 0.9500
Support 3: 0.9000

Two Hour Chart

Two Hour Chart
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