Trade of the Day: AUD/CHF

By: Dima Chernovolov

AUD/CHF continues to rise inside the 15-minute Up Channel chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Up Channel at the 5-bar level – which is the result of the slow Initial Trend (2 bars), below-average Uniformity (4 bars) and near-maximum Clarity (9 bars). AUD/CHF is expected to continue to rise inside this Up Channel.

As can be seen from the daily AUD/CHF chart below – the pair earlier broke the resistance zone lying between the resistance trendline of the daily down channel from July and the 61,8% Fibonacci correction of the downward impulse from the start of August. This price area is acting as the support area after it was broken. The proximity of this support zone adds to the probability AUD/CHF will continue to rise inside this Up Channel.