USD/CHF technical analysis: 0.9950 to question buyers inside a rising wedge

Summary:
USD/CHF takes the bids inside a six-week-old rising wedge bearish formation. 200-DMA, 50% Fibonacci retracement could restrict immediate upside. 0.9880 becomes the key support. Despite the recent rise, USD/CHF trades below the confluence of 200-day simple moving average (DMA) and 50% Fibonacci retracement of April-August declines, close to 0.9940, while heading into the European session on Wednesday. Even if the pair manages to overcome 0.9950 immediate resistance confluence, upper-line of the short-term bearish rising wedge formation near 0.9975 will be on the buyers’ watch-list as a break of which could propel the quote towards 61.8% Fibonacci retracement level of 1.0017 and then to the May-end tops surrounding 1.0100. On the downside, 38.2% Fibonacci

Topics:
Anil Panchal considers the following as important: 4) FX Trends, 4.) FXStreet, Featured, newsletter

This could be interesting, too:

Vibhu Vikramaditya writes Navigating the Slippery Slope: How Hoover’s Interventions Paved the Way for the Great Depression

Ryan McMaken writes Frédéric Bastiat Was a Radical Opponent of War and Militarism

Douglas French writes Millennials: In Costco We Trust

Joseph T. Salerno writes What Fed “Independence” Really Means