Daily Forex Update: AUD/CHF
By: Dima Chernovolov
AUD/CHF continues to decline inside the Clear Triangle chart pattern identified by Autochartist on the daily charts. The overall Quality of this chart pattern is measured at the 7 bar level as a result of the above-average Initial Trend and Uniformity (both rated at the 6 bar level) and maximum Clarity (rated at the 10 bar level). This chart pattern develops in line with the prevailing downtrend visible on the daily AUD/CHF charts. Higher Clarity reflects more widespread agreement among the market participants regarding the latest downward movement of this currency pair. The pair is expected to fall further, which is also indicated by the PowerStats analysis shown below.
As can be seen from the PowerStats chat below, all of the daily Expected Price Range (EPR) for AUD/CHF for tomorrow (from 0.9468 to 0.9339) stands below the upper resistance trendline of the above Triangle, while the lower boundary of the daily EPR (0.9339) lies below the lower support trendline. Both of these facts heighten the likelihood that this currency pair will fall further tomorrow.
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