USD/CHF 4H Chart: Falling Wedge

Although the US Dollar has seen a rebound versus the Swiss Franc this week, all bullish hopes are likely to be diminished by the weekly pivot point and, most importantly, the 55-period SMA at 0.9747 and 0.9780, respectively. Additional supply is offered by the cluster of resistances at 0.9855/70 where both 100 and 200-period SMAs are joined by the weekly R1. 4H indicators seem to think that there is a possibility of growth until the aforementioned level. However, long-term forecasts are suggesting USD/CHF will continue moving inside the wedge pattern. In the meantime, 72% of all SWFX market participants are holding long positions on the Dollar, meaning the pair is overbought for the time being.