AUD/CHF 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar appears to be a good candidate for a short position. Not only does the currency pair fluctuate in a bearish channel, at the moment it is also trading near the down-trend. Accordingly, AUD/CHF is expected to start moving away from the major resistance at 0.84.The immediate support is represented by the weekly pivot point, followed by a combination of the long-term moving average and Oct 24 low. But none of them are likely to stop the sell-off, which may potentially extend down to the lower boundary of the channel at 0.8160. However, the sentiment of the SWFX market is strongly bullish—as many as 73% of open positions are current long.
© Dukascopy Bank SA
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