AUD/CHF 1H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The outlook on AUD/CHF is bearish, being that the pair has recently bounced off of the upper trend-line of the descending channel forming in the weekly chart. The near-term bias towards the Aussie is negative as well, since the price is currently trading between two parallel trend-lines that are sloped to the downside. However, soon there may begin a bullish correction towards 0.7190/80, after AUD/CHF tests a support area at 0.7060 that is only 50 pips away from the spot. In the meantime, next week the price is likely to leave the channel through its upper trend-line, as there is an eight-month support trend-line standing circa 0.70. It should be broken eventually, but presumably later this month.
© Dukascopy Bank SA
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