USD/TWD: On the cusp of completing a bear triangle – Credit Suisse

USD/TWD remains in the broad range of the past months, leaving the bias of analysts at Credit Suisse mildly tilted to the downside. 

Key quotes

“We see support initially at the January and March lows at 29.88/85, beneath which would see a ‘bear triangle’ chart pattern complete and add weight to further weakness, which would be concerning for our broader USD bullish view. Thereafter, we see support at 29.65/57, where we would expect to see a floor at first.”

“Failure to break below 29.88/85 would see the range extend further, with resistance seen then at 30.48.”