USDCHF
has been on a consistent downtrend since December. It showed possible signs of a reversal starting on Jan 17. After a failed breakout through the December downward trendline on Jan 22, it has formed an ascending triangle pattern of increasingly higher lows. Although it has failed a sustained move above .5 fib or .9712, the high likelihood breakout to the upside of the ascending triangle formation and a clear uptrend in
DXY
signifies a high possibility of a reversal to the upside. Target is .618 fib or .9835 (141 pips). Stop loss is placed at December trendline or .9669 (26 pips).
