USD/CHF 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a relatively flat opening on Monday, the pair surged almost 30 pips, however later, moved back to 0.9091– slightly above the lower trend line. According to aggregate technical indicators, the pair is likely to stay around current level in the nearest future, and only in the long term the penetration of support line is expected. While 73% of all traders are holding long positions, we can suggest the pair will bounce back from the lower trend line and can fluctuate close to the support line. In case of the uptrend movement, the next strong resistance line is located at 0.9116/8– Monday's high, Bollinger band and a 4H resistance. The next stop is almost 30 pips higher.
© Dukascopy Bank SA
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