AUD/CHF 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Following an unsuccessful attempt of AUD/CHF to rally through the resistance at 0.8750, the currency pair entered a distinct down-trend. The price should thus continue to descend, while being capped by the falling resistance line at 0.8378, which is reinforced by the 200-hour SMA and daily R1 level. And while the nearest supports are at 0.83 (daily S1 and Sep 26 low) and at 0.8267 (daily S2), the Aussie is expected to visit the May 21 low, which is currently standing near 0.82 along with the daily S3 and the lower edge of the channel. At the same time, the bearish outlook is also supported by the four-hour and daily studies.
© Dukascopy Bank SA
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