AUD/CHF 4H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although an ascending triangle usually means strengthening demand, AUD/CHF has just breached the pattern to the downside, meaning the Aussie will most probably add to the Jan 15 losses. The immediate support is at 0.72, but none of the nearby weekly pivots are considered to be enough to stop the sell-off. Demand at 0.69, on the other hand, has the potential to prevent further depreciation of the Australian Dollar. At the same time, if the pair manages to recover and settle above 0.7280, the rally will have a good opportunity to extend up to either the monthly PP at 0.7480 or a combination of the weekly R3 and 200-period SMA at 0.7580.
© Dukascopy Bank SA
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