Trade of the Day: AUD/CHF

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ChartViper Trade of the Day

AUD/CHF continues to fall inside the 15-minute Falling Wedge chart patter, which was recently identified by Autochartist. Autochartist measures the quality of this Falling Wedge at the 5-bar level – – which is the result of the slow Initial Trend (1 bar) and significant Uniformity and Clarity (7 bars). AUD/CHF is expected to fall further inside this Falling Wedge.

As can be seen from the weekly AUD/CHF chart below – the pair earlier reversed down from the resistance area located between the pivotal resistance level 0.6250 (former strong support from the end of 2022) and the 38.2% Fibonacci correction of the weekly downward impulse from the start of 2023. The proximity of this resistance area and the strong weekly downtrend increase the probability AUD/CHF will continue to fall inside this Falling Wedge.

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