Baxia Markets
September 30, 2021

Rising Wedge On USDCHF

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The big picture on USDCHF has been upward for a while. So, when people think about USDCHF, an upward trend could be the first thing that comes to mind. However, we need more analysis; significant fluctuation may show up. As can be seen from the 4-hour chart, the price has been making a rising wedge for more than two weeks since Sep 15th. What does this wedge mean?




As we know, the rising wedge is a bearish signal, which means once the rising wedge finishes, it may break down. So the price is kind of unstable. Although the wedge signals are usually not so clear, we have some for now. Stochastics have gone down from an overbought condition. It looks like a bounceback. Another thing is the Ichimoku cloud went up and remained thin. This is also a breakdown signal. The price touched the upper Bollinger Band, which means it must meet resistance here. 


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