Slips below 0.9100 inside immediate triangle

 

  • USD/CHF reverses Friday’s gains, stays offered below 0.9115.
  • Three-day-old symmetrical triangle restricts the pair’s immediate moves.
  • Bears may have to relinquish control considering the nearness to a multi-month low.

This analysis powered by PipsWin.

USD / CHF fell to 0.9097, down 0.20% on the day, during the pre-European session Monday. In doing so, the Swiss master takes the offer in a short term triangle in place since last Wednesday.

With the final out of the resistance of the triangle, sellers target the 0.9085 support confluence, including the lower line of the technical model and 23.6% Fibonacci retracement level from September 08-10 down.

However, on September 10 and below the monthly low respectively around 0.9050 and 0.9000, question vendors after pair.

Alternatively, buyers seek fresh inputs beyond the resistance of the triangle at 0.9115 now, which could jeopardize 61.8% Fibonacci retracement level of 0.9142.

Given the USD / CHF past 0.9142 dominance of bulls, the highest monthly close of 0.9205 will be in the spotlight.

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