AUD/CHF 4H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having hit a seven-month high on March 27, the Australian Dollar changed its direction against the Swiss Franc and was depreciating until it reached almost a two-year low on August 5. Since then, AUD/CHF has been faltering between two upward-sloping, gradually converging lines, forming a rising wedge pattern. Now, the pair is attempting to remain above 0.8523 (daily S3) and is likely to succeed in this endeavour as suggested by the SWFX data showing that market participants hold long positions in 85% of cases. However, technical indicators are sending less optimistic signals, predicting a decline in medium-and long-term.
© Dukascopy Bank SA
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