AUD/CHF 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar keeps underperforming the Swiss Franc, and for now there are very few arguments in favour of a break-out. AUD/CHF has recently made a U-turn at 0.6950 (Jul 10 low and monthly S2), and the base case scenario is a failure of a bullish momentum at 0.7130, where the down-trend is reinforced by the Jul 21 high and 200-period SMA, with an ensuing slide towards 0.6850. However, if the price rises from the current levels, there will be a high probability of the pair forming a double bottom pattern, meaning that we should not be 100% sure that 0.7130 is going to hold. Meanwhile, the technical indicators are mixed, but the market is distinctly bullish: 74% of open positions are long.
© Dukascopy Bank SA
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