EUR/CHF 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Last week, EUR/CHF exited the boundaries of the rising wedge that has been forming in the daily chart for 14 months. Accordingly, our overall bias is negative. In the shorter-term perspective, however, there will be an opportunity for a strong rebound, considering that at the moment the pair is trading between two bearish converging trend-lines, meaning the current downward momentum is dying off. Nevertheless, the upside is to be limited, presumably by the trend-line that has recently been breached. At the moment, the trend-line is at 1.0965, but by the time EUR/CHF breaks out of the falling wedge, it is likely to join forces with the long-term SMA at 1.10 francs.
© Dukascopy Bank SA
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