GBP/CHF 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A two percent slip took the form of a falling wedge, suggesting that the short-term GBP/CHF weakness is unsustainable and bulls are likely to take over in the nearest future. Floating in the very centre of the pattern, the pair is on its way to complete the flattish motion south, suggesting that 1.2376 is the area that will limit the losses. Following a bounce form the aforementioned level, we look for the rate to make its way through the wedge and ultimately break it around 1.2403, either led by this wave or the next one. Moving further, a correction of the broken trend-line is bound to cut the gains promptly, with a rally coming up afterwards.
© Dukascopy Bank SA
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