EUR/CHF 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/CHF has been gradually climbing since August 23, forming a rising wedge pattern. Currently, the currency couple is struggling to get a foothold above its 50-hour SMA, a jump above which will incite an increase to the four-hour resistance at 1.2383. After that, the pair may try to surpass its daily resistance at 1.2411 and approach the pattern's resistance at 1.2424. A breach of this formidable resistance line will mean a sharp rally of the pair. Market participants also bolster bullish outlook (68.75% of traders bet on appreciation of the pair). Moreover, technical indicators are pointing to an advance in the short-term.
© Dukascopy Bank SA
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