Currency pair AUDCHF for nearly two years, and more particularly from the memorable “Black Thursday”, when there was a drastic and unexpected collapse of the market caused by the decision of the Swiss National Bank (SNB) of cutting interest rates and abandon a fixed exchange rate of EUR / CHF at a height of 1.20 ,moves in consolidation formation forming a triangle.
Looking at the weekly chart we see that the market is slowly coming around the upper limit of this formation. From technical point of view, it seems more probable, however, breaking down but for such a scenario could be realized would be necessary re-rejection of level 0.7670.
Even if the market does not strikes out from the triangle this year, from a technical point of view this should happen no later than April 2017r when it will be fully stricture formation and its confluence with the trend line of declines.
Looking at the daily chart we see that the market not only creates higher and higher lows but also higher highs and the movement which lasts from December last year creates a growth wedge formation , which is also more likely to breakout thru the bottom.
If we look at the dynamics of each swing we will notice that declines are much more like impulses and the increases are calmer and intertwined with both candles -demand and supply which may suggest that they are just merely adjustments.
If we look at the H1 chart we see that the growth reached today at around the level of 0.7570 constituting a significant resistance. The emergence of a strong supply response rejecting the current zone could even trigger declines in the level around 0.7437.
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