AUD/CHF 1H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the beginning of May, we have observed an elevated volatility of AUD/CHF that added over 270 pips in 10 days ended when the instrument attained a one-year high of 0.8394. After that, the pair saw an accelerating decline that was a part of the triangle pattern it entered on May 18.
At the moment, the currency couple is on the verge of a breakout as it has already approached the apex. Considering that more than 62% of market players hold long positions, the exit is likely to be bullish. Despite being neutral for the nearest term, technical data props up traders' opinion in the long-term.
© Dukascopy Bank SA
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