AUD/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
There is still scant evidence of AUD/CHF trading within the boundaries of the bullish channel, since both trend-lines forming it were respected by the market only on several occasions. However, if the near-term technical indicators turn out to be correct and the currency pair breaches the resistance near 0.7950, there will be a good opportunity for the Aussie to re-test a previous high at 0.8060 and then reach the rising resistance line at 0.81. This would confirm validity of the assumption that AUD/CHF is forming a channel up pattern and is soon going to leave the vicinity of the up-trend support line at 0.7930. Meanwhile, the sentiment is strongly bullish—68% of positions are long.
© Dukascopy Bank SA
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