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
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.