Good day traders! Since my last update on the 1st of July, the AUD/CHF continued trading sideways in what continues to look like a triangle formation of some sort.
By some sort, I mean that we could have an incomplete ascending triangle forming or a symmetrical triangle that already ended.
I maintain that we need to see a decent break above the 0.6584 level first to bring the 15th of June high into range and even then, price could find resistance there retrace a bit and form an ascending triangle instead.
Alternatively, most bullish traders could be surprised by price breaking out of this proposed triangle formation to the downside instead of heading immediately higher. Should this happen, then this triangle correction could form part of a more complex correction before price heads higher to potentially test the June high at 0.6743.
My bias remains cautiously bullish over the near-term towards the June high, but I’m starting to think that the AUD/CHF could top soon before a larger downtrend takes hold again.
More updates to follow.
Bias: bullish over near-term
Potential target: 0.6743
Until next time, have a great day and stay safe!