AUD/CHF 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a quick recovery from the US Presidential Election dive, AUD/CHF entered a rising wedge to show some decent bullish momentum, but build up bearish potential at the same time. The pair is now hovering mid-pattern and we will watch 0.7543 closely for signals of a potential breakout. The latest wave south pointed out some stickiness of the bottom trend-line, meaning that the pattern might be mature enough to break. However, a close below will require strong supply, as the 0.7550/7520 area is bolstered by a multitude of support levels, corresponding to various time-frame SMAs and an Ichimoku cloud.
© Dukascopy Bank SA
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