Intraday USD/CHF Finds Congestion within Triangles

Prices have been squeezing into symmetrical triangles on the 60 and 240 minute charts as the USD/CHF congests between 1.0800 and 1.0700. The range is narrowing as prices travel deeper into the triangle. On the 60 minute time frame, a potential breakdown trigger is near.




The Initial Trend is a little higher than would be ideal for a triangle pattern. This is indicative of the current market cycle being more in distribution than in accumulation. The breakdown trigger is currently at the 1.0735 level.




The 240 minute chart is also trading within the blue uptrend line and green downtrend line of a symmetrical triangle. Remember that the 240 minute chart has a slightly lower Initial Trend reading compared to the 60 minute chart. This indicates a stronger transition into the more sideways accumulation cycle.


The U.S. Dollar is currently slightly stronger than the current trend on the USD/CHF chart. This could indicate that prices on the Dollar are neutral to slightly bullish. Keep this in mind and be cautious about shorting too aggressively, especially directly in front of the 1.0700 major psychological level.

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