By: Dima Chernovolov
AUD/CHF recently broke the hourly Ascending Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 8-bar level – which is the result of the medium Initial Trend and Uniformity (5 bars) and strong Clarity (9 bars). AUD/CHF is expected to rise toward the forecast price 0.6590 – in line with the earlier 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 located between the key support level 0.6500, lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse from May. The proximity of this support zone increases the probability AUD/CHF will continue to rise toward the forecast price 0.6590.