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USD/CHF: Symmetrical Triangle Calls for Caution
USD/CHF is moving in a symmetrical triangle, usually seen as a continuation pattern. Furthermore, the technical structure is negative as long as prices remain below the resistance at 0.8816 (07/03/2014 high). An hourly resistance stands at 0.8765.
From a longer term perspective, the structure present since 0.9972 (24/07/2012) is seen as a large corrective phase. However, the break of the key support at 0.8800 (27/12/2013 low) opens the way for a further decline towards the next key support at 0.8568 (27/10/2011 low).