USD/CHF Chart Pattern Points to Big Move Coming
USD/CHF has been funneling its way higher since the beginning of September, and on that it has formed a clean-looking wedge that is set to break as the apex comes into focus. It appears set up to break lower with resistance having proven strong thus far and the dollar theme poised for a breather, but we need to see the pattern trigger first before leaning too strong one way or the other. A break below 9915 should do the trick on the downside as confirmation while a break above 10074 on the topside. There could be a false break and reverse through the other side of the pattern, a scenario we will just have to manage as we go. Looking lower, there is support in the both the mid 97s and 95s. Looking higher there is resistance in the mid 102s and 103s.
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.