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USD/CHF has formed a Rising Wedge pattern on 1H chart. The pattern has 78% quality and 71% magnitude in the 98-bar period.
The pattern started when the pair started appreciating from 0.9286 after rebounding from 0.9356; currently it is trading at Fibonacci (38.2% of move since 5th of September)/Bollinger's band at 0.9381/79. The SWFX market sentiment is bullish—74% of trader's hold long positions on the pair expecting its further augmentation. Long traders could focus on daily pivot (PP)/20 bar SMA at 0.9393/96, Bollinger's band/daily pivot (R1) at 0.9414/17 and Fibonacci (50%)/pattern's resistance at 0.9424/30.
Technical indicators on aggregate point at depreciation of the pair on 1H and 1D horizons suggesting that the pair will continue to move towards pattern' support and maybe even will try to breach it. In the range of 200 pips from current market price 68% of all pending orders are to sell. Short traders could focus on daily pivot (S1)/pattern's support at 0.9371/68, daily pivot at 0.9344 and Fibonacci (23.6%)/20 bar SMA at 0.9327/26.
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