FX.co ★ USDCHF triangle breakout, bullish momentum

Price has finally broken out of consolidation, we can see that price broke out of the triangle pattern towards the upside. Price is expected to ride on the bullish momentum towards the 1st resistance in line with the 61.8% Fibonacci extension. Our bullish bias is also supported by the MACD indicator where the MACD line crosses above the signal line and price holding above the Ichimoku cloud indicator, signifying a bullish momentum.

Trading Recommendation

Entry: 0.91757

Reason for Entry:

23.6% Fibonacci retracement, descending trendline resistance turn support

Take Profit: 0.92424

Reason for Take Profit:

61.8% Fibonacci extension, daily resistance

Stop Loss: 0.91015

Reason for Stop Loss:

61.8% Fibonacci retracement and 76.4% Fibonacci extension