USD/CHF 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The bias towards USD/CHF is strongly negative. The main argument is currency pair's proximity to the upper bound of an eight-month descending channel. This is further reinforced by the rising wedge, a pattern that suggests an impending sell-off. Moreover, the US Dollar is heavily overbought—73.5% of open positions are long. The price is thus expected to bounce off of major resistance at 0.99 and set course towards 0.93. One of the main supports in this case will be a combination of the long-term moving average and the monthly PP at 0.9744/29. Alternatively, should 0.99 give in, the first bullish target will be a cluster of resistances at 0.9970/50, followed by the March high at 1.0090.
© Dukascopy Bank SA
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