USD/CHF retracement toward 0.9540 looks likely – SG

By FXStreet FXStreet (Córdoba) – According to technical analysts from Societe Generale, the USD/CHF is undergoing a consolidation within a triangle, the upper limit of the formation at 0.99 – 1.00 is likely to provide resistance and from there a retracement looks likely towards 0.9540 and even towards 0.9260.

Key Quotes:

“The USD/CHF has been undergoing consolidation since March within a pattern similar to a triangle (current limits at 0.99/1.00 and 0.9260).The pair is approaching the upper limit which also corresponds to a multiyear descending trend resistance (log scale). “

“With the daily stochastic indicator approaching resistance levels, 0.99/1.00 is likely to be a key level. Only a sustained move higher will mean an extension in uptrend. Once these levels are achieved, a retracement looks more likely initially towards 0.9540 and even the lower limit at 0.9260.”
For more information, read our latest forex news. …read more

Source:: FX Street