AUD/CHF 4H Chart: Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CHF approaching a vary important point in its development. Following a sharp appreciation of the Swiss Franc in January, AUD/CHF began trading sideways and the trading range narrowed considerably. It led to emergence of a triangle pattern on a 4H chart. Technical indicators are currently neutral on this cross, meaning that we should have closer look at market sentiment and location of important technical levels. SWFX traders, in the meantime, are bullish in 73% of all cases at the moment. However, dense supply area around 0.75 is unlikely to give up easily and will most probably fuel bears with significant impetus in order to push the Aussie to the downside.
© Dukascopy Bank SA
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