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USDCHF : Signaling an Uptrend Continuation

USDCHF : Daily Chart

USDCHF is declining today ahead of Janet Yelllen’s speech as investors are looking for guidance on future monetary policy actions. On the 4 hour chart, the pair declined from the resistance trend line which the pair is following. There is another support trend line which has been preventing the pair is declining below it. Overall the trend seems a rising wedge pattern which gives a bearish signal. According to it the pair might decline below the support trend line of the wedge confirming a bearish trend on the pair.

If looking at the moving averages, the 100 day SMA is contracting towards the 200 day SMA and might cross above it signaling an uptrend continuation so the pair might continue to trade within the above mentioned rising wedge.

USDCHF : 4 Hour Chart

On the 4 hour chart, the pair seems bullish as there is a rising support trend line which will prevent the pair is declining and the support at .9104 which was earlier acting as resistance for the pair will also provide support to the pair. 50 day SMA has crossed above the 100 day SMA signaling an uptrend continuation. In the Stochastic Oscillator the %K line has crossed below the %D line signaling an uptrend continuation.