Daily Forex Update: AUD/CHF

By: Dima Chernovolov

AUD/CHF continues to rise inside the clear Rising Wedge chart pattern which was previously identified by Autochartist on the daily charts. Autochartist rates the quality of this Rising Wedge at the 5-bar level – which is the result of the slow Initial Trend (2 bars), low Uniformity (3 bars) and significant Clarity (7 bars). AUD/CHF is expected to rise further inside this Rising Channel – in line with the earlier upward reversal from the support area shown below.

As can be seen from the daily AUD/CHF chart below, the price earlier reversed up from the support area lying between the key support level 0.7680 (former resistance level and the upper boundary of the sideways price range inside which the pair has been moving from August) and 50% Fibonacci correction of the earlier upward price impulse from the end of August. The proximity of this support area adds to the probability AUD/CHF will continue to advance inside this Rising Wedge.

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