AUD/CHF 4H Chart: Ascending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CHF appears to be forming an ascending triangle after a sell-off in August. Considering a multitude of resistance levels above the spot and that an ascending triangle is a continuation pattern, eventually the currency pair is supposed to break through the green trend-line, which in turn will pave the way for a decline towards last month's low at 0.6550. In order to invalidate the bearish outlook, the Aussie will have to close above the monthly pivot point, resistance level at 0.6935, and 200-period SMA. In the meantime, the near-term technical indicators are mostly pointing upwards, and most of the SWFX traders are currently holding long positions, namely 72% of them.
© Dukascopy Bank SA
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