AUD/CHF 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CHF has already dipped to the lowest (third) weekly support line during the last five days of trading. It proclaims that the selling pressure continues to persist, which led to a selloff of the Australian Dollar against the Swiss Franc. At the moment we are expecting more losses for this currency pair, given that it is located just below a cluster of important resistances around 0.7020/45. Judging from the signals given by the short and medium-term technical indicators, the Aussie is at risk of losing at least 80 pips in the next 24 hours, as the only closest support is yesterday's low at 0.6944. A failure here could provoke another round of losses down to the pattern's support line and daily S1 at 0.69.
© Dukascopy Bank SA
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