The AUD/CHF currency pair has been trading within a falling wedge pattern since the middle of July.

From a theoretical point of view, it is likely that the exchange rate could continue to decline within the given pattern within the following trading sessions. Then, a breakout north could follow, and the rate could re-test the Fibo 50.00% at 0.6695.

In the meantime, note that the currency pair is pressured by the 55-, 100– and 200-hour moving averages in the 0.6550 area. Thus, it is likely that some downside potential could prevail in the market.

- advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.