Daily Forex Update: AUD/CHF
By: Dima Chernovolov
AUD/CHF continues to rise inside the clear daily Ascending Triangle chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 4-bar level – which is the result of the slow Initial Trend (one bar), average Uniformity (5 bars) and higher Clarity (6 bars). AUD/CHF is expected to rise further inside this Ascending Triangle – in line with the earlier upward reversal from the support zone show below.
As can be seen from the daily AUD/CHF chart below, the pair earlier reversed up from the support area lying between the key support level 0.7590 (which has been reversing the price from the start of September), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward price impulse from June. The proximity of this support area increases the probability AUD/CHF will continue to rise inside this Ascending Triangle.
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