CHF/JPY 1H Chart: Rising Weddge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Pattern marks the start of a mildly bullish trend on the pair after a week long sell off from 4th to 11th of August. Short term technicals give neutral aggregate outlook suggesting it pair should remain depressed under the pattern's resistance for some time. We have contradicting readings from the medium and long term technicals. Medium term technicals suggest that the pair has enough propensity to test the pattern's boundaries in the nearest future. Long term technicals, however, suggest that we should look in to bigger picture and pay attention to the fact that the pair is trading slightly above the resistance line connecting 24th of July and 2nd of August peaks.

© Dukascopy Bank SA
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