USDCHF got rejected at 0.9220 area where we find the upper triangle boundary. As we have explained in previous posts, traders better be cautious and patient as long as price remains inside this triangle pattern. Price could continue to trade inside this pattern until mid October.
Recent price action has managed to confirm the importance of the resistance area of 0.92-0.9220. Breaking above 0.9220 will be an important bullish signal. Price could then continue higher towards 0.9330 at least. Until then price is vulnerable to more downside. Support is found at 0.9147 and next at 0.91. Bulls need to defend these two levels in order to see an upward break out.
