Title
USDCHF H4 | broken above a symmetrical triangle
Type
Bullish bounce
Preference:
Price has just reversed from our pivot at 0.89026 which lines up with a 61.8% Fibonacci retracement. A reverse from here, price could push up to 1st resistance at 0.89475 which is multi swing high resistance
Alternative scenario:
However, if price breaks below the pivot, it could fall to our 1st support at 0.88677 which is a swing low support level
Moreover, it is worth noting that the price has broken above a symmetrical triangle chart pattern. A break above the upper trendline of the pattern could signal a bullish breakout.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.