USDCHF@ 0.9752 - weekly bullish bias – Challenges 3.5-month falling wedge resistance
USDCHF rallied sharply higher off the 0.9443 low (May 3, 2015), quickly approaching 3.5-month falling wedge resistance (from January 29/March 10, 2016 highs). Weekly, daily and intraday technical indicators (as shown on the charts) all lined up with a bullish bias. The pair is likely to challenge the 0.9796 key resistance (April 22, 2015 lower high) next. A decisive upside break through the latter is needed to confirm a falling wedge breakout and formation of a base over 0.9443. The upside target from there would be 0.9913 and 1.0092.
However, failure to push through 0.9796 area near the falling wedge resistance would suggest that the pattern is not completed yet and that further consolidation would retest 0.9663 ahead of the 0.9443 low.
Outlook:
Intraday: bullish
Daily: bullish
Weekly: bullish
Monthly: neutral
USDCHF rallied sharply higher off the 0.9443 low (May 3, 2015), quickly approaching 3.5-month falling wedge resistance (from January 29/March 10, 2016 highs). Weekly, daily and intraday technical indicators (as shown on the charts) all lined up with a bullish bias. The pair is likely to challenge the 0.9796 key resistance (April 22, 2015 lower high) next. A decisive upside break through the latter is needed to confirm a falling wedge breakout and formation of a base over 0.9443. The upside target from there would be 0.9913 and 1.0092.
However, failure to push through 0.9796 area near the falling wedge resistance would suggest that the pattern is not completed yet and that further consolidation would retest 0.9663 ahead of the 0.9443 low.
Outlook:
Intraday: bullish
Daily: bullish
Weekly: bullish
Monthly: neutral