AUD/CHF 1W Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie has been underperforming relative to the Franc for quite some time now, and so far there are no signs this tendency is going to end soon. There is a high chance of a rally from 0.6934 (2008 low), but the gains are expected to be limited by 0.80, namely by the upper trend-line of the bearish channel. However, if this resistance level fails to stop Aussie's appreciation, the focus will shift to a major supply area around 0.8740, where last year's maximum merges with the 200-week moving average. On the other hand, if we renew the lowest since 2008 point, the next target will be 0.65. Meanwhile, the distribution between the open positions is heavily skewed towards the long ones that take up as many as 73% of the market.
© Dukascopy Bank SA
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