AUD/CHF 30M Chart: Symmetrical Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CHF broke out of the rising channel yesterday, but there are good reasons to believe the pair is simply taking a reprieve before resuming its journey north. The price is currently closing in on the apex of the high-quality symmetrical triangle, and the pattern implies continuation of the up-move that started at the beginning of this week. An additional argument in favour of a rally is provided by technical indicators, a majority of which sends ‘buy' signals. Meanwhile, we should be aware that the Aussie is overbought (63% of positions are long), but the fact that the percentage of bulls is consistently decreasing is encouraging, as 71% of traders were long just five days ago.
© Dukascopy Bank SA
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