Watch USDCHF for a break out of a forming wedge pattern. Our algorithm has not confirmed as it's calling for a period of consolidation on the 1H chart. Price action will ultimately determine which way we trade this pair unless the algorithm gives us an indication ahead of time. We would like to see prices at least 10 Pips above the top wedge line or 10 Pips below the bottom wedge line before taking action.
Obviously it may take some time to occur as the apex is not until late on 05/29/2015 but many moves with this pattern happen before the apex is reached. You will notice the top wedge line only goes back to 9:00 EST on 05/27/2015, we prefer to see both wedge lines extend back at least 2 days. All said and done it's definitely one to watch this evening.
Obviously it may take some time to occur as the apex is not until late on 05/29/2015 but many moves with this pattern happen before the apex is reached. You will notice the top wedge line only goes back to 9:00 EST on 05/27/2015, we prefer to see both wedge lines extend back at least 2 days. All said and done it's definitely one to watch this evening.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.