Trade of the Day: AUD/CHF
By: Dima Chernovolov
AUD/CHF continues to rise inside the 15-minute Rising Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 4-bar level – which is the result of the slow Initial Trend (3 bars), lower Uniformity (2 bars) and strong Clarity (9 bars). AUD/CHF is expected to rise further inside this chart pattern – in line with the earlier breakout of the daily down channel from February.
As can be seen from the daily AUD/CHF below, the pair earlier reversed up from the upper trendline of the recently broken daily down channel from February (acting as support after it was broken). The proximity of this support trendline increases the probability AUD/CHF will continue to rise inside this Rising Wedge.
