GBP/CHF 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound is depreciating against the Swiss Franc simultaneously in two patterns. On a larger scale it is a channel down pattern, and in short term it is trading in accordance with a falling wedge pattern. The wedge is the currency exchange rates movement downward after it bounced off the channel's resistance line on September 6. Most recently the currency pair reached the downward aimed wedge pattern's lower trend line at 1.2667, where it is supported by the weekly S1 at 1.2670. Since then the Sterling has confirmed the trend line against the Swiss Franc three times just in the few recent days of trading. Moreover, the wedge by itself is a very strong pattern, as there have been numerous confirmations of the trend lines.
© Dukascopy Bank SA
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