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by Darius Anucauskas

USD/CHF Is Coiling Up

Looking at the 4-hour chart of USD/CHF, the pair seems to be forming a symmetrical triangle and it is now very close to the apex. This means that USD/CHF is coiling up and might be preparing for a breakout. However, we would like to see a break through one of the highlighted areas first, before considering a further short-term directional move, hence why we will take a neutral stance for now.

If the rates pops above the upper side of the aforementioned triangle and climbs above the 0.9724 barrier, marked by the high of last week, this would confirm a forthcoming higher high and more buyers may join in. The pair might then travel to the 0.9743 hurdle, a break of which may set the stage for a push to the 0.9797 level, which is the current highest point of April.

Our oscillators, the RSI and the MACD, are currently more on the flat side. Despite being a bit above 50, the RSI is not showing any clear direction. The MACD is also flat, while sitting below its trigger line, but above zero.

Alternatively, if USD/CHF breaks the lower side of the previously-mentioned triangle and the rate slides below the 0.9622 hurdle, which is an intraday swing low of April 15th, the pair might invite more bears into the game. That’s when we will aim for the 0.9590 obstacle, which if broken could clear the path to the 0.9500 level, marked by the low of March 29th.



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