AUD/CHF 1H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
An unusually narrow descending triangle pattern has been formed by the AUD/CHF currency pair. Following a considerable surge of the franc back on previous Thursday and uplifted volatility on the market, it seems that this pair is one more time entering the narrow trading zone. As soon as during next couple of hours we expect to observe a violation of the lower boundary of the triangle; therefore, our outlook is bearish for this currency cross. Negative impetus is also provided by 55-hour SMA and daily PP around 0.70. Moreover, technical indicators on all time-frames are giving strong signals to sell the pair. Meanwhile, 72% of SWFX traders are bullish on the Aussie right now.
© Dukascopy Bank SA
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