AUD/CHF 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the Australian Dollar trades against the Swiss Franc simultaneously in three ascending channel patterns, the currency exchange rate is about to begin a decline. The reason for that is the fact that the pair recently hit the combined resistance of a cluster of levels of significance, which is made up of the upper trend lines of the three patterns. The pair is most likely to first form a new short term pattern, and afterwards the new medium term pattern will reveal itself. However, the hypothesis of an upcoming decline of the pair is contradicted by the SWFX market sentiment, as 73% of trader open positions are already short, which indicates at the pair being oversold. Although, that might mean that the next short term pattern will represent a surge.
© Dukascopy Bank SA
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