Dukascopy Bank Team
Dukascopy Bank SA
USD/DKK 1H Chart: Broadening Rising Wedge
Comment: For most of November CHF/JPY has been trying to consolidate above the 6.00 level. Moreover, by doing that the pair has formed a broadening rising wedge pattern that could potentially help to break the level once again.
For matter of fact, right now the pair is appreciating towards the upper trend-line that is located above the 6.00 mark. Since the majority of the hourly and daily technical indicators are also bullish, we see the pair approaching the major level. Also, the SWFX traders’ expect the pair to appreciate, at least 57.14% of them have opened a long positions. A group of strong resistance levels are already behind, thus a continuation of advance seems likely.
CHF/JPY 4H Chart: Broadening Rising Wedge
Comment: Since the middle of October, CHF/JPY started to appreciate rather rapidly, meanwhile, this advance has pushed the pair into a broadening rising wedge.
Already twice the pair has exited the pattern’s trading range and by doing that it is showing some signs of willingness to break the pattern to the down-side. However, at the same time the 4H and daily technical studies are pointing to the north. It will be important whether the daily and weekly PPs at 122.17/07 will hold the selling pressure. In our opinion the levels might be breached due to the fact that as many as 71.87% of the SWFX market participants expect the Swissy to underperform relative to the Yen.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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