USD/CHF Technical Analysis: pair has charted falling wedge ahead of SNB

The USD/CHF pair has created a falling wedge on the daily chart - a bullish pattern - ahead of the Swiss National Bank (SNB) rate decision.
A convincing move above 0.9965 (upper edge of the wedge) would confirm a bullish breakout. Theoretically, that would open the doors for re-test of 1.01285 (Nov. 13 high). The case for a re-test of recent highs, however, would strengthen after the horizontal resistance at 1.0008 (Dec. 5 high) is scaled.
A break below 0.9863 (low of Tuesday's bull outside-day) would strengthen the bear grip on the pair.
The Swiss National Bank (SNB) is widely expected to keep its policy rates unchanged at record lows. Swiss GDP unexpectedly fell 0.2 percent quarter-on-quarter in Q3, missing the estimated rise of 0.4 percent. As a result, the central bank is likely to retain a dovish tone.

Omkar Godbole FXStreet Contributor

Daily chart

Trend: Bullish above 0.9965

USD/CHF

Overview:
    Today Last Price: 0.9937
    Today Daily change: 8.0 pips
    Today Daily change %: 0.0806%
    Today Daily Open: 0.9929
Trends:
    Previous Daily SMA20: 0.996
    Previous Daily SMA50: 0.9975
    Previous Daily SMA100: 0.989
    Previous Daily SMA200: 0.9848
Levels:
    Previous Daily High: 0.9966
    Previous Daily Low: 0.9913
    Previous Weekly High: 1.0009
    Previous Weekly Low: 0.9889
    Previous Monthly High: 1.0129
    Previous Monthly Low: 0.9908
    Previous Daily Fibonacci 38.2%: 0.9946
    Previous Daily Fibonacci 61.8%: 0.9933
    Previous Daily Pivot Point S1: 0.9906
    Previous Daily Pivot Point S2: 0.9882
    Previous Daily Pivot Point S3: 0.9852
    Previous Daily Pivot Point R1: 0.996
    Previous Daily Pivot Point R2: 0.999
    Previous Daily Pivot Point R3: 1.0013

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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