USD/CHF technical analysis: Another attempt to defy 2-month-old rising wedge resistance

Summary:
USD/CHF again aims to break two-month long rising trend-line, part of a bearish technical formation. Bullish MACD can trigger an uptick to 61.8% Fibonacci retracement. Sustained trading above 0.9948/50 confluence again propels USD/CHF to confront near-term key resistance-line while taking the bids to 0.9988 amid Tuesday’s Asian session. A rising trend-line since August-start, coupled with another one connecting lows marked since August 13, portrays a short-term bearish technical formation that gets confirmed on the break of the support line. However, pair’s run-up beyond 0.9990 resistance will defy the pattern and could extend the run-up to 61.8% Fibonacci retracement level of April-August declines, at 1.0016. During the pair’s further advances past-1.0016,

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Anil Panchal considers the following as important: 1) SNB and CHF, 1.) FXStreet on SNB&CHF, Featured, newsletter, USD/CHF

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