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

Tian Kriek

Analyst


October 16, 2019 01:54 PM

BULLISH

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. The daily fibs are in an UP ABCD swing and the Smart Gauge us bullish. Even though the 2 hour fibs are in an up push zone (and I am currently in a buy position) I shall wait for the 2 hour stochasticRSI to move into the Buy Zone before buying again

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 0.9960
Resistance 2: 1.0000
Resistance 1: 1.0300
Current Price 0.9949
Support 1: 0.9600
Support 2: 0.9500
Support 3: 0.9000

Two Hour Chart

Two Hour Chart
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