AUD/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
Although the currency pair has formed a well-defined channel, further appreciation of the Australian Dollar is highly unlikely. At the moment, AUD/CHF is trading near the lower boundary of the pattern that was initiated in the first half of February. Accordingly, while there is a possibility of a short-term rally from 0.7350, the upside is to be limited by 0.7480, namely the upper boundary of the descending channel that connects highs and lows starting from the very beginning of 2012. The outlook for the Aussie is therefore strongly bearish, and we expect the rate to break the green up-trend and monthly R1 at 0.7350 in the nearest future. Below this support the price will be set to decline down to the weekly S2 and 200-period SMA at 0.7180/70.
© Dukascopy Bank SA
© 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.