USD/CHF 4H Chart: Falling wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The USD/CHF currency pair has just broken the falling wedge pattern it has been following since the last week of July, implying that a trend reversal is likely to take place. Ahead of a rally towards the 0.9841/51 level, the pair will bounce from the top trend-line of the wedge at 0.9689. The bottom trend-line of the upward channel formed in the monthly chart will provide the pair support at the 0.9668 level as well, strengthening expectations of a northward movement. If the pair is successful in testing the 0.9841/51 region, 0.9947 - a level the pair has failed to break since March will be the next target. While the aggregate technical indicator gives a clear BUY signal in the four hour time frame, gauges based on longer time frames fail to indicate future movements. If the rate does not continue its way up, it will experience a hitch at the 100-period SMA and 20-period SMA cluster around 0.9700, and then take a dip towards the 55-period SMA at 0.9640 after testing the 0.9680 mark. Some flatness around the current 0.9765 level is a decent possibility as well.
© Dukascopy Bank SA
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