CHF/SGD 4H Chart: Broadening Ascending Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Swiss Franc recently moved in a broadening ascending wedge pattern against the Singapore Dollar on the four hour timeframe chart. In the meantime, the whole wedge is a surge of the currency pair in accordance with a triangle pattern, as the wedge is located from the triangle's support line to the pattern's upper trend line, which was confirmed once more in a recent reversal of the pair's direction. At the moment of writing, the currency exchange rate moved near the pattern's lower trend line, as it was being pushed northwards by the 200-period SMA at 1.3856. As the rate moves northward it is clear, that a breakout of the triangle is set to happen in the upcoming weeks.
© Dukascopy Bank SA
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