AUD/CHF 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar seems weak against the Swiss Franc, and we expect further depreciation of the Antipodean currency. The long-term target is the Jan low at 0.6880, reinforced by the monthly S3 level. In the meantime, there is likely to be an upward correction. AUD/CHF should rebound from 0.6971 (monthly S2 and down-trend) and commence a recovery, even though the technical indicators are largely mixed. The gains are to be limited by a major resistance area around 0.72, where the upper boundary of the channel merges with the monthly pivot point and 200-period SMA. As for the SWFX traders, they are optimistic with respect to the Aussie. Right now 73% of open positions are long.
© Dukascopy Bank SA
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Wed, 08 Jul 2015 06:48:04 GMT

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