Trade of the Day: AUD/CHF

By: Dima Chernovolov

AUD/CHF continues to fall inside the Falling Wedge chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Falling Wedge at the 4-bar level – which reflects the strong Initial Trend (1 bar), below-average Uniformity (4 bars) and significant Clarity (7 bars). AUD/CHF expected to fall further inside this Falling Wedge – in line with the earlier breakout of the support levels shown below.

As can be seen from the daily AUD/CHF chart below – the pair earlier broke the support area lying between the support level 0.6255 and the support trendline of the weekly down channel from the start of 2018. This price area is acting as resistance zone after it was broken. The proximity of this resistance zone increases the probability AUD/CHF will continue to fall inside this Falling Wedge.

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