AUD/CHF 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie has been depreciating against the Swiss Franc in a descending channel pattern since February 21, when the currency exchange rate bounced off from the resistance put up by the upper trend line of a large scale ascending channel pattern. Most recently the currency pair hit the combined support cluster of the two pattern lower trend lines and the 200-period SMA. As a result the currency exchange rate rebounded and is already making attempts to break through the resistance put up by the minor pattern. It is most likely that the pattern will be broken and a new medium term trend will soon reveal itself, as the currency pair surges to new heights.
© Dukascopy Bank SA
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