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Order absorption on USDCHF?

On the weekly chart we see an ascending triangle . Price is stuck within a range but as of recent has been continuously challenging the 1.00968 level. From my point of view two things can happen.

  • The buyers will exhaust the orders of the sellers at the resistance level and breakout of the triangle to rally higher, possibly up to 1.16829.
  • The buyers will become exhausted and possibly hit another strong pocket of sellers pushing price back to support 0.85286 where demand pockets might be sitting.

The pattern’s bias is long but we might see a break in the other direction.

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