GBP/CHF 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
GBP/CHF has entered a consolidative phase on the daily time-frame, and is trading in a triangle which suggests that the previous down-trend might prevail. The pair has reached the upper trend-line of the pattern and is showing the expected downward potential on the hourly chart among several other time-frames by sketching a rising wedge. We will look for the cross to take a bearish stance if it does not strongly break both the senior and junior trend-lines to the upside, but rather moves on to 1.2611 and breaks below. Immediate resistance will cut a surge at 1.2644, while 1.2598 would accompany our falling base scenario outside of the pattern.
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