24.09.202114:29 Forex Analysis & Reviews: USDCHF back test of broken triangle

USDCHF is showing bullish signs after the back test of the broken triangle pattern. Usdchf recently provided a bullish signal by breaking out of the triangle pattern. It is common to see price back test the upper triangle area after such break outs. This is exactly what happened here.

Exchange Rates 24.09.2021 analysis

Red line -short-term support trend line

Black lines- triangle pattern

USDCHF is showing bullish signs by holding above the red upward sloping trend line and by not entering inside the triangle again. Bouncing off the upper triangle boundary is a bullish signal and we should expect the up trend to resume. Support remains strong at 0.92-0.9220 and as long as this level is respected, we remain bullish USDCHF.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Alexandros Yfantis,
Analytical expert of InstaForex
© 2007-2021
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