AUD/CHF 4H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The descending wedge pattern AUD/CHF entered early August was broken at 0.7446 just hours ago, suggesting that a rally towards 0.7488 or 0.7531 will be cut off by the broken trend-line pulling the pair back for a rebound around 0.7435. With demand pressures stemming from underlying SMAs elevating the rate to 0.7505 and then 0.7531, the rally could be capped at 0.7558/0.7562, where a sell-off could signal either a reversal or a consolidation if restricted. Aggregate technical indicators support the expectation of a rally after the consolidation is completed.
© Dukascopy Bank SA
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