USD/CHF 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rare falling wedge pattern was formed by USD/CHF on January 21, when the pair refused moving above 0.9156 and plunged back to the level where the 200-period SMA currently trades. While the pair is trading almost at the level of the lower pattern's boundary, a penetration of 0.8739 is unlikely, as technical indicators are neutral, while 72% of traders are holding long positions on the pair. Moreover, 68% of pending orders in a 100-pip range are placed to buy the greenback versus the Swiss Franc. Therefore, the pair will most likely move to a daily pivot, and in case a recent high and weekly pivot are breached, the next stop for the long traders will be located at pattern's.
© Dukascopy Bank SA
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