USD/CHF 4H Chart: Broadening Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following gradual appreciation and increasing trading range, the USD/CHF pair managed to create the broadening rising wedge pattern on a 4H chart. Two weeks ago the pair touched the lower trend-line of the pattern and started increasing in value. As a result, at the moment the cross is testing upper boundary. We assume the American dollar will succeed is breaching the trend-line, as there are no major obstacles in front of the Greenback to rise further. Moreover, technical indicators on all time-frames  are giving bullish signals, supporting the case of pair's advance both in short and long-term. In addition, market participants are holding long opened positions on USD/CHF cross in 53% of all cases.
© Dukascopy Bank SA
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