USD/CHF 1MN Chart: Rising wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
A rising wedge suggests that the bullish trend is becoming weaker in USD/CHF, and a trend reversal can be expected during 2017. The pattern has been forming since 2011 and the pair has surged 30% while bound by it. For now, if the wedge holds, on its way towards the upper trend-line the pair will face significant resistance at 0.9947, a level that has been tested several times already this year. Support provided by the 100-period and 55-period SMAs might just help the rate break this level and continue its way up. In case the trend breaks sooner, after a dip below 0.9509 the pair will target 0.9431 which corresponds to the 55-period SMA. While technical indicators say nothing on the matter, the SWFX sentiment index shows bulls to be dominant on the currency, as they hold 56% of the market.
© Dukascopy Bank SA
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