Daily Forex Update: EUR/CHF

The uptrend on the 30-minute EUR/CHF has formed a Rising Wedge pattern, with prices trading higher through 1.3700 on their way to prior resistance at 1.3817. A Rising Wedge should ideally be traded as a trending pattern-one with an Autochartist Initial Trend reading of six bars or more. This pattern alert comes close to triggering a breakout, and has a five-bar Initial Trend reading. When the Initial Trend reading is four or five bars, the market cycle is in distribution, characterized by a less predictable and sideways-moving range.