USDCHF - Descending Triangle

Razvan Mihai

Analyst

On the 60 minute chart of USDCHF a Descending Triangle price pattern can be seen. In theory Descending Triangles announce that the price could go down, rather than up. The price pattern is confirmed when one of its lines is broken. 
In the current scenario, the pattern was drawn on a rising trend. This might turn around the probability, towards an up break and a continuation of the ascending trend.
A break and close above the upper line of the triangle would signal a rally towards the latest high of the trend, 0.9824. On the other hand a break and close below current support would signal a drop which could target 0.9600 or even 0.9570 (a stronger support).

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