EUR/CHF 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Euro is about to end its month long trading in the borders of a falling wedge against the Swiss Franc. The wedge is a representation of the currency exchange rates larger scale movements, specifically, it represents the rates fall from 61.80% Fibonacci retracement level to a combined support cluster made up of 38.20% retracement and a large scale channel up pattern's lower trend line. The Fibonacci retracements are measured by connecting this year's low and high levels, and the large scale ascending channel is in force since the start of July. Most recently, the rate found the before mentioned support level at 1.0845 and it is set to rebound. The rebound is most likely to break through the falling wedge's resistance and begin to form a new pattern.
© Dukascopy Bank SA
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