AUD/CHF 4H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The beginning of August served as a starting point for the descending triangle pattern that AUD/CHF has been following until this point. On its way down to bounce from the bottom trend-line of the triangle at 0.7287, the pair has gained strong short-term bearish momentum, implying that a breakout from the pattern could come rather sooner than later. If the rate does gather enough power to violate the bottom trend-line, the combined strength of weekly S2 and monthly S1 at 0.7244/45 will provide enough demand pressure to detain a further sell-off at least for now. With all of the aggregate technical indicators pointing south, and a slightly overbought Aussie, it is the most likely scenario.
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