USD/CHF 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since Jun 13, when the currency pair bottomed out at 0.9130, USD/CHF has been in an up-trend, covering more than six figures.
However, there start to appear signs that the price is approaching its peak and will thus be soon unable to advance upwards. One of them is formation of the rising wedge pattern on an hourly chart, which implies a move opposite to the recent tendency of the U.S. Dollar to appreciate. Nonetheless, technical indicators, especially on 1H and 4H charts, and traders' sentiment, being that 62% of positions are long, remain strongly bullish.

© Dukascopy Bank SA
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