AUD/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Right now the Australian Dollar seems to be in a good position to appreciate relative to the Franc, considering that it is currently trading just above the lower edge of the bullish channel. If the support at 0.8337 stands its ground and does not let the bears to take control of the market, AUD/CHF will be expected to start moving towards 0.86. The bullish outlook also appears to be popular among the SWFX market participants—at the moment 71% of open positions are long. Conversely, should the bulls fail to push the price North and give in, the exchange rate could fall though the nearest supports down to the May 21 low near 0.82.
© Dukascopy Bank SA
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