The Swissy has broken out of a multiyear wedge!
After multiple tests of a multiyear wedge’s resistance the Swissy has finally broken out today. The USDCHF has broken above 1.018 and a triple confluence of resistances (horizontal resistance area, wedge’s resistance and 127% extension of the last corrective move lower), turning the pair in bullish mode. The next upside target is the 161.8% extension at 1.0266 and above that the 2015 – 2016 double top at 1.033. 1.018 should act as support from this point on.
Steve Voulgaridis
