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USDCHF : Will it Break Down From Consolidation Triangle? US Data in Focus

USDCHF : Hourly Chart

US dollar was trading higher against its major counterparts this week but today it seems like it weakened ahead of the release of Retail Sales and Consumer Sentiment data. On the hourly chart, the pair USDCHF was consolidating within a symmetrical triangle trend and broke down below the rising support trend line but it would be too early to say that the pair is signaling a bearish trend as it will find support at .9337. So the pair might rise from this support level towards the falling resistance trend line. But this trend will form a descending triangle trend. Breaking below the support at .9337 will open the doors for next support levels at .9329 and .9317. If the pair breaks above the resistance trend line of the triangle, the nearest resistance levels it may find are at .9364 and .9375.

USDCHF : 4 Hour Chart

On the 4 hour chart, the pair still seems like consolidating within a symmetrical triangle trend so it may either decline or surge from the support trend line or resistance trend line respectively. On the other hand there also seems a rising channel trend which signals that the pair might surge breaking above the resistance trend line of the triangle towards the resistance trend line of the channel. If the pair breaks below the support trend line, then 50 day SMA might prevent it in falling further down.