Daily Forex Update: AUD/CHF

By: Dima Chernovolov

AUD/CHF continues to rise after the earlier breakout of the Clear Triangle chart pattern which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this Triangle at the 5 bar level – which is the result of the slow Initial Trend and Uniformity (both rated at the 3 bar level) and maximum Clarity (10 bars). AUD/CHF is expected to rise toward the forecast price 0.7453 – continuing the earlier sharp upward reversal from the powerful support zone described below.

As can be seen from the daily AUD/CHF chart below, the bottom of this Triangle formed when the pair reversed up from the strong support zone lying between the long-term support level 0.7280 (has been steadily reversing the price from last August) and the lower daily Bollinger Band. The proximity of this support area increases the probability AUD/CHF will continue to rise toward forecast price 0.7453.

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