AUD/CHF 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The pair is trading very close to the up-trend support line at 0.8408. If the pair slides and closes below the previously mentioned level then we might see a sell-off as the rising wedge pattern's breakout is downward in 69% of all cases. However, to our mind the pair should receive a bullish impetus around current trading levels for couple of reasons. The majority of the technical indicators are bullish, there is a cluster of substantial support levels (the major 0.94 level, daily S3 at 0.9399 and the weekly S1 at 0.8398) and last but not least the market sentiment is strongly bullish (74.10%). To our mind that should be enough to push AUD/CHF higher.
© Dukascopy Bank SA
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