💱USDCHF - Triangle. Why Should We Expect a Decline

4 lug 2023

USDCHF after the retest of the resistance of the global range forms a symmetrical triangle. A breakout of one of the boundaries will form a distribution

TA on the high timeframe:
1) Price in 0.91200 - 0.88600 range
2) Resistance was tested earlier. Within the range, price moves from one boundary to the other
3) In our case liquidity from 0.89000 to 0.8600 has not been tested.

TA on a low timeframe:
1) Since the market is most likely aiming to continue its move down to the liquidity area, the priority is to expect a support breakout
2) Price may consolidate in a triangle for a few more days and then test the limits of the pattern for a breakout
3) I expect a breakout of support and a decline to 0.88600. But if the price breaks 0.9000, it will go up to 0.91190

Key support📉: 0.89430
Key resistance📈: 0.9000

5 lug 2023

Nota