AUD/CHF 1H Chart: Aussie narrows trading range
Following a test of an eight-month low of 0.7268 on February 8, the Aussie entered a three-week period of consolidation against the Swiss Franc. As a result, a symmetrical triangle was formed.
As apparent on the chart, the last two waves touched neatly both boundaries of this pattern; thus, it is likely that the pair still uses the opportunity to re-test its upper line and the 23.60% Fibo retracement at 0.7370 in the following two sessions. This scenario is possible, because the nearest support formed by the 200– and 100-hour SMAs and the weekly PP circa 0.7340 should force the pair slightly higher.
Technical indicators are generally bearish, suggesting that the Aussie could continue trading within the bounds of the wedge. A possible downside target for the following trading sessions is the weekly S1 or the aforementioned eight-week low at 0.7290 and 0.7268, respectively.
As apparent on the chart, the last two waves touched neatly both boundaries of this pattern; thus, it is likely that the pair still uses the opportunity to re-test its upper line and the 23.60% Fibo retracement at 0.7370 in the following two sessions. This scenario is possible, because the nearest support formed by the 200– and 100-hour SMAs and the weekly PP circa 0.7340 should force the pair slightly higher.
Technical indicators are generally bearish, suggesting that the Aussie could continue trading within the bounds of the wedge. A possible downside target for the following trading sessions is the weekly S1 or the aforementioned eight-week low at 0.7290 and 0.7268, respectively.
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