- 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.
USD/CHF drops to 0.9097, down 0.20% on a day, during the pre-European session on Monday. In doing so, the Swiss major takes offer inside a short-term triangle established since last Wednesday.
With the latest pullback from the triangle’s resistance, sellers are targeting the 0.9085 support confluence including the lower line of the technical pattern and 23.6% Fibonacci retracement level of September 08-10 downside.
However, the September 10 bottom and the monthly low, respectively around 0.9050 and 0.9000, will question the pair sellers afterward.
Alternatively, buyers will look for fresh entries beyond the triangle’s resistance, at 0.9115 now, which in turn could question 61.8% Fibonacci retracement level of 0.9142.
Given the USD/CHF bulls’ dominance past-0.9142, the monthly high near 0.9205 will be in the spotlight.
USD/CHF hourly chart
Trend: SIdeways
Share
