AUD/CHF 4H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair experienced a depreciation after touching a six-month high of 0.9979 on March 28. The downward trend lasted until the currency couple plunged to a one-year low of 0.8179 on August 28, the move which was within the ascending triangle pattern started on August 15. AUD/CHF has recently broken through the lower-boundary of the pattern and is trading slightly above its 50-bar SMA. Market players are strongly optimistic about the pair, while technical indicators also are sending bullish signals. In the days to come, the pair is likely to cross its daily pivot point at 0.8666 and may even try to breach its daily resistance at 0.8699 that would provoke an accelerating appreciation.
© Dukascopy Bank SA
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