Descending Triangle on USD/CHF

Descending Triangle on USD/CHF

Since the beginning of this month, the USD/CHF currency pair has been consolidating after a significant growth in October. In the near future, a technical correction is not ruled out. Near the key offer zone of 1.00100-1.00350 a classical figure of the technical analysis, Descending Triangle, was formed, which quite often appears as a reversal formation. At the moment, the price is testing the local support of 0.99800. We recommend you to pay attention to this situation.

If the price fixes below the support level of 0.99800, you need to look for entry points to the market to open short positions. The closest target for profit taking is the 0.99400 mark. In the medium term, USD/CHF may reach a round level of 0.99000. When tracking the position, we recommend using a trailing stop.

by JustForex, 2017.11.08

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This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.