GBP/CHF 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CHF gained 8.6% since early November while trading inside of rising wedge. The rate dipped underneath the bottom trend-line of the pattern on December 7 and has just executed a retracement of the broken trend-line. We now expect the pair to extend the bearish trend and tackle 1.2765, the weekly Pivot Point with added strength by the upper boundary of the cloud support. When the rate enters the cloud we will watch 1.2740 closely as it is likely to cause some trouble for the momentum. In case a surge extends instead, it will be capped immediately by the upper trend-line at 1.2842.
© Dukascopy Bank SA
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