In previous posts we mentioned that USDCHF was inside a triangle pattern mostly moving sideways between 0.9220 and 0.91. Until mid October there is still space inside the triangle for price to continue to move sideways.
Red lines - Fibonacci extensions
USDCHF is now right on top of the upper triangle pattern. Breaking above 0.9220 and staying above it, will open the way for a move towards 0.9320 which is the first Fibonacci extension target. Traders need to be cautious at current levels as a rejection and pull back towards 0.91 are highly likely. In the event we have a rejection at 0.9220, our first support is at 0.9150.
The material has been provided by InstaForex Company - www.instaforex.com