Triangle Formation Update
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.
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.
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.