AUD/CHF 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
An eight-day decline performed by AUD/CHF started when the pair approached a seven-month high of 0.8394 in mid-May. Now the currency couple is wandering near the upper boundary of the 114-bar long bearish tunnel and considering a strong bullish sentiment –more than 77% of traders on the SWFX hold long positions- AUD/CHF may venture to exit the formation in the hours to come. If this comes true, the pair is likely to come under a notable buying pressure that may be mollified at the level of 0.8284/307 (four-hour R1, R2; daily R1; 200-hour SMA) and at the mark of 0.8315/8 (four-hour R3; daily R2); above these levels only 0.8341 (daily R3) is capable to put a lid on the expected AUD/CHF rise.
© Dukascopy Bank SA
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