CHF/JPY 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the very beginning of November, the Swiss Franc has been rallying against the Japanese Yen; however, the formation of the rising wedge pattern started only on November 25. While trading within the pattern boundaries the pair expedited its advance and peaked at the highest level since at least 2008. At the moment of writing, the currency couple was faltering below the pattern's support that means that the breakout has happened. The breakout may put a heavy selling pressure on the pair and even its 50-hour SMA that represents a strong support is not likely to prevent the upcoming slump.
© Dukascopy Bank SA
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