AUD/CHF 1D Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Despite the current uptrend, AUD/CHF has been looking bearish on several time-frames with a couple of rising wedge patterns overlapping between several charts. The pair has shown a slow motion north on the weekly chart, but has lost volume for highs and created a long and extended wedge, while the daily chart showed the pattern to be more volatile. The rate has just attempted the upper trend-line at 0.7633 and failed there to move on to its ultimate lower target of 0.7543. The formation could, however, be as well interpreted as one having an upper horizontal resistance at 0.7640, which would mean a completely different scenario, namely a rising one. We will look for signals at both trend-lines to gain more conclusive insights.
© Dukascopy Bank SA
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