AUD/CHF 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CHF is paving the way towards a return to the 306-bar long rising wedge pattern it exited a day earlier. If the pair comes back to the formation, it will be a done primarily thanks to a strong support lent by the 200-bar SMA at 0.8359 that helped the pair to stop depreciation and acted as a prop for a current jump.
Considering the SWFX numbers, traders believe AUD/CHF will return to and prolong the pattern – almost 65% of all orders are placed to buy the instrument. Meanwhile, technical data sends mixed signals, being neutral for the short-term, warning of a possible decline in the medium-term and pointing to a strength in the long perspective.
© Dukascopy Bank SA
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