#USDCHF Outlook Next Week and Further

In the short time-frames, we should see the beginning of the week with a bearish start. A bearish wedge formation can be seen on the 30 min and the 60 min. charts. One could take this 'risky' trade counter to the main move of the month (UP). However, I would recommend taking profits as soon as possible once and if the trend line break occurs. A bear MACD target is pointing towards 0.8393. We had incredible ranges for the last two days and closing prices close to the top. Therefore, momentum/acceleration is CLEARLY to the upside. However, we have a holiday in the US on monday. So activity will be lowered and therefore, this 'fall' in price is likely to occur.

On the 240 min chart, price is still inside a descending wedge formation. However June's whole price action is inside a broadening triangle formation (violet lines). It's early to say, however, this could later on turn into a diamond. Still early to say.


The daily chart still points to a correction pattern with price inside two bullish wedges (green and blue lines). A clear MACD bull divergence points to the must reach target of 0.8946.

So I expect this next week to begin bearish, however, price will pick up to the upside most-likely. Needless to mention that the USDx is reaching a critical trend line. A bounce from this trend line will inspire the USD bulls back.

Here are the charts.

The 30 min. chart showing the bearish wedge formation. Holiday in US could trigger this bear action.

The 240 min. chart.: The whole month of June inside a broadening triangle.

The daily chart showing signs of a reversal. Must reached target @ dotted line.