CHF/JPY 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
During more than a year the Swiss Franc was appreciating against its Japanese peer to climb to more than a one-year high of 107.26. After hitting this high for the second time on July 24, the pair slightly retreated and commenced to form a rising wedge pattern that pushed a one-year high back to the fore.
The currency couple surpassed its one-year high one bar ago and is currently trading above the upper-boundary of the pattern, implying that a sharp advance is highly possible. Technical indicators also back up the bullish outlook, predicting an advance in short– and medium-term.
© Dukascopy Bank SA

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