USDCHF Symmetrical Triangle|Low Volume|Apex|Breakout Imminent Evening Traders,
Today’s Technical Analysis – USDCHF- a clear symmetrical triangle at pay, price is approaching its apex before an imminent break.
Points to consider,
- Trend Bullish (Consecutive higher lows)
- Support and Resistances converging
- RSI neutral (Above 50)
- Stochastics in upper regions
- Volume declining
The immediate trend is bullish with consecutive lower highs from local bottom. Price is finding its equilibrium in this larger symmetrical triangle as support and resistance converge.
The RSI is neutral above 50 whilst the stochastics is in the upper regions, an indication of buy momentum still being present.
Volume is clearly declining as price is reaching its apex of the symmetrical triangle; this is an indication of an influx in volume.
Overall, in my opinion, a breakout is imminent, very tradeable, price is coming close to its apex as support and resistance converge.
What are your thoughts?
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And remember,
“You become fearful the moment you identify with fear. But once you begin seeing it as an impersonal changing phenomenon, you become free.” ― Yvan Byeajee
