USD/DKK 1H Chart: Broadening Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
For most of November CHF/JPY has been trying to consolidate above the 6.00 level. Moreover, by doing that the pair has formed a broadening rising wedge pattern that could potentially help to break the level once again.
For matter of fact, right now the pair is appreciating towards the upper trend-line that is located above the 6.00 mark. Since the majority of the hourly and daily technical indicators are also bullish, we see the pair approaching the major level. Also, the SWFX traders' expect the pair to appreciate, at least 57.14% of them have opened a long positions. A group of strong resistance levels are already behind, thus a continuation of advance seems likely.
© Dukascopy Bank SA
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Fri, 28 Nov 2014 09:47:07 GMT

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