Triangle Formation Update

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Updated: 14 January 2020

Good day traders! CAD/CHF is still trading sideways within a contracting triangle formation since my last update. My bias on this currency pair remains bullish and at some stage, there has to be a breakout as the price range gets narrower and either the bulls or the bears get the upper hand.

CADHCHF Chart

Price is currently trading within a range around my 0.5% Fib retracement level but if another decline takes place that moves into the 0.7345 – 0.7407 price zone, then I will be looking for an opportunity to go long.

Conclusion

The current range-bound price action could still go on for a while but if price breaks above the 0.7505 level, with decent momentum, then potential targets could be set at 0.7618 and 0.7700.

Until next time, happy and safe trading.

Richard Krugel