AUD/CHF approached the support level at 0.9313, forming a falling wedge pattern on the 4H chart. The formation has 61% quality along with 50% magnitude in a 77-bar period.
The price decreased to the pair's five-month high around 0.9313 after it had been capped by the resistance at 0.9445. The SMA200 indicator continues to decrease, which shows downtrend on the 4H timeframe. Total bias on the 4H chart is bearish, which confirms the SMA200 signal. If the price pierces 0.93313, the initial target for short traders could be around 0.9264.
Price recoiled from the support level three times, which increases the reliability of the pattern. The Stochastic indicator slowed near 20% level and is trying to rebound, stimulating a possible pair's recovery. If the price recoils, the first target for long investors could be around 0.9393, where the pattern's resistance level lies.