AUD/CHF 4H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 61-bar long Double Top was formed by AUD/CHF on a 4H chart and it seems the pair is moving to a key level of 0.8585, represented by pattern's support. It is only 25 pips left before a possible breakout can occur. However, aggregate technical indicators do not give a clear "buy" or "sell" signal. However, in case of a penetration of the support line, short traders could first of all focus on a weekly pivot and a 200-bar SMA at 0.8549 and 0.8415 respectively. As an alternative scenario, the price can bounce back and the pair can form a rectangle pattern. In this case, the first major stop for the long traders could be at 0.8711 represented by a recent high, daily resistance and a Bollinger band.
© Dukascopy Bank SA
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