GBP/CHF 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CHF kicked off the New Year with a fall, causing a 1.1% slip, but building up bullish potential for an upward breakout form the pattern. The pair will encounter immediate resistance at 1.2534/38, opening the way for tests of 1.2547 and then 1.2560/63. The scenario is supported by the pair's proximity to the upper boundary of the pattern, which means that it might be launching an attack on it rather soon. Some flatness could come at 1.2541, between the aforementioned resistances, making it a great area to initiate a retracement of the broken trend-line. A bearish crossover of SMAs does, however, still point south towards support at 1.2516, but the lagging nature of the indicator makes it unreliable for reversal timing.
© Dukascopy Bank SA
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