- The previous trading week has seen a symmetric triangle consolidation of the price following a trend reversal and short rally on 11-12 June.
- Over the coming week we could see the price finally break out of this pattern and continue upwards to the 0.96444 level, which has previously been an important support and resistance level.
- Tightening Bollinger Bands...
This currency pair is featuring for the first time on our TradingView blogs.
Current setup: Price is in a long-term consolidation dating back to 2011/2012. A break and close above resistance will suggest a breakout.
Conclusion: Trading above the high of 2018 but standing aside until a breakout is confirmed after which we will look to place long trades.
Looking here at the Swissy, a pair not long added to my watch list, I'm already short USDCHF from the open earlier today. For me the this could perhaps be one of those times where the fundamental analysis and the technical analysis seem to match up rather nicely. IMO the USD will continue to weaken over the coming weeks, and paired with a nice rejection candle...
I am watching this USD/CHf very close which I believe its very close to break this wedge that he is in since end of last year. A brake and CLOSE above 9830 will confirm that this pair is start a new 'breakout cycle' which will look very similar to the price action which we have seen on USDJPY in the last two days.