AUD/CHF 4H Chart: Broadening Ascending Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie is in a rising wedge pattern against the Swiss Franc, as the currency pair is struggling near the pattern's lower trend line around the level of 0.74. At the moment, the currency exchange rate is in the middle of a cluster, which is made up of various support and resistance levels. The cluster is made up of the weekly PP at 0.7406, 55-period SMA at 0.7410, 100-period SMA at 0.7416 and first monthly resistance at 0.7421. It is most likely, that the pair will first go lower to the trend line at 0.7390, before it surges, as 65% of open SWFX trader positions are long, which indicates that there is very little room for a surge.
© Dukascopy Bank SA
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