Trade of the Day: AUD/CHF

By: Dima Chernovolov

AUD/CHF continues to fall inside the 30-minute Falling Wedge chart pattern, which was previously identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 6-bar level – which is the result of the slow Initial Trend (1 bar), strong Uniformity and Clarity (8 bars). AUD/CHF is expected to fall further inside this Falling Wedge.

As can be seen from the daily AUD/CHF chart below – the price earlier reversed down from the resistance zone lying between the key resistance 0.6660 (former monthly low from the end of November), upper daily Bollinger Band and the 50% Fibonacci correction of the downward price impulse from October. The proximity of this resistance zone increases the probability AUD/CHF will continue to fall inside this Falling Wedge.