EUR/CHF 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though EUR/CHF is not trading around pattern's apex or there are no sings of a possible breakout, this trade pattern idea can be attractive to trade. The main reasons behind this suggestions are the market sentiment (69% bullish) and aggregate technical indicators that are sending "buy" signals on 4H and daily charts. However, we can expect a slight retracement first of all and maybe a move in pattern's support direction. However, the pair is facing a strong support around 1.2350-40, represented by a various number of support lines and SMAs. Therefore, the short term outlook can be bearish, while in a longer term further appreciation can be expected.
© Dukascopy Bank SA
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