USD/CHF 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The US Dollar was mostly struggling to stabilise above the 55-hour SMA, and even yesterday's breach did not last. At the moment, a strong resistance cluster is pushing the USD/CHF down, but the weekly S1 seems to have limited the losses for now. Moreover, technical indicators in the short and long-term are suggesting a rebound, but volatility to the downside is expected. A fall under 0.93 is unlikely, as that area is bolstered by the weekly S1, which has already prevented a deeper fall. By the end of the day we should see the Greenback overcome the resistance cluster around 0.9340 and approach the pattern border. Three quarters of traders have a bullish perspective towards the Buck.
© Dukascopy Bank SA
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