AUD/CHF 4h Chart: Channel Down

AUD/CHF is trading in a channel down in force since late February. The Aussie bounced off from the upper channel boundary and may be set for further depreciation against the Swiss Franc, especially if it goes below the 55-, 100– and 200-hour SMAs at 0.7366, 0.7313 and 0.7309, respectively. The closest resistance is formed by the aforementioned 55-hour SMA, as well as the weekly PP that is located slightly above at 0.7379. From below, the weekly S1 at 0.7327 halted the pair mid-Thursday, suggesting that this level may do the same once more. In case all SMAs succeed at stopping the Aussie from further depreciation, it might be assumed that the rate may be finally due for an upside breakout and subsequent surge.