SGD/CHFShort
Rising wedge forms on SGDCHF
A rising wedge requires at least 3 touches for it to be valid. The prices are making higher highs and higher lows. A rising wedge is considered a terminal pattern and hence the bullish momentum must eventually come to an end. SMA 50 is below SMA 200 and the breakout candle has closed below SMA 200. Since SMA 50 is below SMA 200, it implies that the long term bias is still bearish. Stop-loss is placed at the last swing high. We have three take profit levels and they are the respective swing lows and are potential areas of support.
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