Trade of the Day: AUD/CHF

By: Dima Chernovolov
AUD/CHF continues to rise inside the hourly Ascending Triangle chart pattern, which was recently identified by Autochartist. Autochartist rates the quality of this Ascending Triangle at the 4-bar level – which is the result of the lower Initial Trend and Uniformity (2 bars) and strong Clarity (8 bars). AUD/CHF is expected to rise further inside this Ascending Triangle.

As can be seen from the daily AUD/CHF chart below – the price earlier reversed up from the key support level 0.6850 (former strong resistance from March) – intersecting with the lower daily Bollinger Band and the 38.2% Fibonacci retracement of the previous upward impulse from January. The proximity of the support level 0.6850 increases the probability AUD/CHF will continue to rise inside this Ascending Triangle.