AUD/CHF 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CHF is developing in the middle of the range between the upper and the lower boundary of a bearish pattern, but the short term bias remains strongly bearish with respect to the Australian Dollar. The weekly S2 is likely to be approached in the foreseeable future, given that testing of the daily S1 (0.7122) seems to have been successful. Any decline below 0.7079 will put the pattern's lower boundary at risk. Even though there are the Dec 9 low and daily S2 to support the pair, our projections assume the sell-off will continue until the 0.70 round level. On top of that, SWFX traders are holding long trades in 74% of all cases, meaning AUD/CHF is overbought for the moment, while 1H studies are giving bearish signals.
© Dukascopy Bank SA

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