GBP/CHF 1H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The latest wave north required some consolidation for GBP/CHF and led to a bullish correction inside of an ascending triangle pattern. The pair has just attempted the upper trend-line of the pattern and failed, meaning that another wave south is likely to take place before the pattern breaks at 1.2447. With most of the relevant-term lagging technical indicators pointing to the upside and confirming the strength of the trend, there is little chance that a break will occur to the downside. Nevertheless, a larger scale wedge might be going on, meaning that downside risks still have to be accounted for.
© Dukascopy Bank SA
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