AUD/CHF 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following a precipitous rally in the second half of March, appreciation of the Australian Dollar moderated. However, the trading range since then has been constantly narrowing, implying there is a rising wedge pattern emerging on the chart. This was confirmed by AUD/CHF eroding the lower edge of the pattern. Once the up-trend support and 200-period SMA are breached, the price will most likely move towards the May 21 low at 0.8211. If the selling persists further, the 
Apr 29 low at 0.8118 will most likely become the next target. On the other hand, the sentiment among the traders is strongly bullish, being that as many as 72% of them are currently holding long positions.
© Dukascopy Bank SA
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