AUD/CHF 4H Chart: Triple Bottom

Outlook for the Aussie against the Swiss Franc is bullish, since this currency pair has emerged with a rare triple bottom pattern in the 4H chart. The base scenario for this reversal pattern implies a spike of the exchange rate above the 0.7209 mark, namely the red horizontal trend-line, which has been holding AUD/CHF under pressure since early May. By violating this resistance the pair will come in a position to surge as high as 0.7263, or the weekly R2, over the next two weeks. A failure to do that, however, is not ruled out. We observe a mixed aggregate signal given by the weekly technical studies. Moreover, SWFX market sentiment suggests there is only a marginal (54%) bias in bullish favour.