Daily Forex Update: AUD/CHF

By: Dima Chernovolov

AUD/CHF recently broke the clear hourly Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Triangle at the 6-bar level – which reflects the slow Initial Trend (2 bars), below-average Uniformity (3 bars) and strong Clarity (8 bars). AUD/CHF is expected to rise toward the forecast price 0.7396 – in line with the earlier upward reversal from the strong support area shown below.

As can be seen from the daily AUD/CHF chart below, the price earlier reversed up from the strong support area lying between the powerful support level 0.7280 (which also reversed the price in January) and the lower daily Bollinger Band. The proximity of this support area increases the probability AUD/CHF will continue to rise toward the forecast price 0.7396.

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