AUD/CHF 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 276-bar long rising wedge was formed by AUD/CHF on August 28, and despite its length, the trend is likely to persist for a long period of time. The main reason behind this suggestion is that currently the pair is trading in a middle of a trading range, while technical indicators are suggesting a retest of the resistance line soon, while in a longer period, the price would dip towards pattern's support once again. The short term bullishness is also supported by market sentiment, as 65% of traders are holding long positions. Taking all previously said into account, 0.8687 would be a key level in a short term, and in case it is breached, the next stop it 0.8734.
© Dukascopy Bank SA
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