AUD/CHF 4H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A wedge brought AUD/CHF closer to October highs of 0.7661, meaning that the rate could attempt the level and break the wedge when it fails. The bottom trend-line of the pattern is strengthened by the 100-period SMA and cloud support, meaning that it will have to decisively push through in order to sustain the breakout. The pair is currently on its way towards the bottom trend-line of the pattern around 0.7561 and any upside potential is likely to be cut by the upper Bollinger Band at 0.7606. The pair is likely to express some stickiness towards the bottom trend-line of the pattern before it attempts to close below.
© Dukascopy Bank SA
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