AUD/CHF 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 277 bar long rising wedge formed by AUD/CHF is moving to its apex, as both trend lines will converge on November 18, however, the breakout can occur even sooner, as the pair is trading in the upper part of the pattern, while trading range is narrowing rapidly. Another signs bulls may penetrate the resistance line is that recent high is slightly higher than previous one, while 75% of traders are holding long positions. Even though technical indicators are sending mixed signals and are not univocal, a retest of patterns resistance line at 0.875 is on the map, while the next strong resistance is located at 0.8779, represented by daily and weekly resistances.
© Dukascopy Bank SA
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Tue, 22 Oct 2013 12:14:36 GMT

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