AUD/CHF 4H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Looking at AUD/CHF, there are quite a few 'sell' signals. First, the currency pair is trading right at the upper edge of the bullish channel that is forming in the daily chart. Secondly, in the four-hour chart the price is forming a rising wedge that usually portends a reversal, and in this case a sell-off from 0.72. The bearish intentions of the pair will be confirmed as soon as the support trend-line at 0.7120 is broken to the downside. In this case the initial target will be the Nov 9 low at 0.7050, followed by the 200-period SMA at 0.7018. However, the decline will likely extend even through 0.6990 (monthly PP and Oct 29) and stop only circa the major rising trend-line that is currently at 0.69.
© Dukascopy Bank SA
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