AUD/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Swiss Franc has been under heavy bearish pressure since the middle of November due to concerns over extra stimulus from the SNB. The Aussie managed to benefit from this situation and pushed AUD/CHF strongly upwards. The pair will shortly encounter the weekly R2 at 0.7519. In case it fails to penetrate this important resistance, we will expect the Australian Dollar to start a correction. The South Pacific currency is moderately overbought in the SWFX market, as 61% of all trades are bullish for the moment. On the other hand, daily technical indicators prefer a continuation of the uptrend. A climb above the weekly R2 will pave the way for an increase in the direction of the pattern's upper edge at 0.7580.
© Dukascopy Bank SA
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