AUD/CHF 1H Chart: Symmetrical Triangle

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While a symmetrical triangle led AUD/CHF to lose volatility and show some upside potential, its strength to guide future movements might be limited, given the dominant weekly channel down which it has falsely broken several times on the hourly chart. The next tap at the bottom trend-line near 0.7440 could result in a close below, putting 0.7399, the monthly Pivot Point, into perspective. In case the pair manages to gain bullish momentum to execute the last wave to the 0.7503 upper boundary of the triangle, it is unlikely to happen this week, making sure that the week closes below the senior channel trend-line at 0.7480. Currently hovering in between SMAs, the rate will have to defeat 0.7459, the 100-hour SMA and 0.7470, the 55-hour SMA on its way.
© Dukascopy Bank SA
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