USD/CHF technical analysis: Traders await Swiss unemployment rate to break descending triangle

Summary:
A four-day long descending triangle formation limits USD/CHF moves ahead of Swiss Unemployment Rate. 100-hour EMA offers an additional barrier to the upside. In addition to its choppy 11-pip trading range since morning, a four-day long descending triangle formation also limits USD/CHF pair moves as it trades near 0.9740 heading into Friday’s European market open. Investors will seek clues from Switzerland’s July month seasonally adjusted Unemployment Rate (MoM) that is expected to remain unchanged at 2.3%. While 0.9705 and 0.9780 define the extreme-lines of the triangle pattern, 0.9730 and 100-hour exponential moving average (EMA) level of 0.9770 can act as intermediate stops during either side momentum.

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