AUD/CHF 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CHF has been fluctuating on a somewhat ranging note on the large scale since mid-2016, but still managed to keep risks mainly on the upside while attempting highs at 0.7617 and 0.7645 once in a while. The pair has just made a bold move and stepped above the previous high of 0.7645, but could soon give in to bearish pressures as tops become lower in a rising wedge. While overall we expect a steep bullish motion to extend, it is most likely that a down wave will start immediately to both satisfy the bullish nature of the wedge and consolidate the broken resistance.
© Dukascopy Bank SA
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