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09.09.202114:12 Forex Analysis & Reviews: USDCHF rejected at triangle upper boundary.

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USDCHF reached as high as 0.9233 but bulls were unable to hold above 0.9220. Price has reached the upper triangle boundary resistance and got rejected. As we said in previous posts it is important for traders be patient as we need a weekly close above resistance in order to get a bullish signal.

Black lines - triangle pattern

USDCHF is now trading at 0.9175. Getting rejected at 0.9220 could lead to a move lower towards 0.91 and the lower triangle boundary. However I believe if this is going to happen, it will most probably going to happen next week. So far the first test at the 0.9220 resistance was a failure. Bulls need to break and stay above this level in order to have a bullish break out. Staying inside the triangle could continue until mid October.

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