AUD/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The falling wedge formed over the last three months might have put an end to any doubts of the yearly channel, which became topical when the rate failed to complete its way towards the upper trend-line at 0.7767. We look for the pair to make its way through demand areas at 0.7366, 0.7340 and 0.7297, bounce from the wedge boundary at 0.7254, and then steadily move towards the channel bottom trend-line, directed by the wedge. Level 0.7239 is likely to serve as a stepping stone for a coherent surge to reach for the channel upper trend-line. A move north is supported by the SWFX sentiment index as well, suggesting that the wedge will indeed remain in power over in the short term.
© Dukascopy Bank SA
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