AUD/CHF 4H Chart: Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Judging by the past 240 bars, AUD/CHF seems to be respecting two converging trend-lines, suggesting there is a symmetrical triangle being currently formed. Just recently the currency pair has bounced off the lower edge of the pattern and is now headed towards the resistance at 0.7982, which is reinforced by the 200-period SMA and is therefore likely to stop Aussie's appreciation.
However, SWFX market participants are strongly convinced that AUD/CHF's outlook is bullish, being that as many as 74% of presently open positions are long. Meanwhile, the technical indicators are largely mixed, with a slight skew towards the bearish bias.

© Dukascopy Bank SA
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