Trade of the Day: AUD/CHF

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ChartViper Trade of the Day

AUD/CHF continues to fall inside the 60-minute Falling Wedge chart pattern, which was recently 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 (2 bars), medium Uniformity (5 bars) and higher 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 0.6160 (former multi-month low from the end of last year) and the 38.2% Fibonacci correction of the weekly downward impulse from the start of this year. The proximity of this resistance zone and the clear weekly downtrend increase the probability AUD/CHF will continue to fall inside this Falling Wedge.

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