Daily Forex Update: AUD/CHF

By: Dima Chernovolov

AUD/CHF continues to rise in the Ascending Triangle chart pattern which was earlier identified by Autochartist on the daily charts. Autochartist measures the Quality of this Ascending Triangle at the 3 bar level – which reflects the low Initial Trend (3 bars) and below-average Uniformity and Clarity (both rated at the 4 bar level). AUD/CHF is expected to rise toward the upper resistance trendline of this Autochartist Triangle in the coming trading sessions.  

As can be seen from the daily AUD/CHF chart below – both of the connecting points of the lower support trendline of this Ascending Triangle formed when the price reversed up from the powerful, multi-month support level 0.7270 (which has been steadily reversing the pair from last August). The proximity of this support area adds to the likelihood AUD/CHF will continue to rise inside this chart pattern tomorrow.

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