AUD/CHF 1H Chart: Descending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following an attempt to attack the one and a half year high at 0.7645, AUD/CHF fell short and posted a January high at 0.7630 instead. The latest movement have sketched a descending triangle pattern as a correction phase for the newly established downtrend, suggesting that more bearish pressures are on the way. A falling scenario is also supported but the rising wedge formation on the weekly chart, which, in turn, suggests that a long-term dive is likely to accompany a short-term one. The upper boundary of the triangle lies at 0.7541 and is being tested now – we expect the level to hold, shifting the target to 0.7523.
© Dukascopy Bank SA
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