AUD/CHF 4H Chart: Descending Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The beginning of August served as a starting point for the descending triangle pattern that AUD/CHF has been following until this point. On its way down to bounce from the bottom trend-line of the triangle at 0.7287, the pair has gained strong short-term bearish momentum, implying that a breakout from the pattern could come rather sooner than later. If the rate does gather enough power to violate the bottom trend-line, the combined strength of weekly S2 and monthly S1 at 0.7244/45 will provide enough demand pressure to detain a further sell-off at least for now. With all of the aggregate technical indicators pointing south, and a slightly overbought Aussie, it is the most likely scenario.

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.