AUD/CHF 1W Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
It seems that the Aussie will become a subject to huge losses in the months to come. Exchange rate of this currency against the Swiss Franc reached the upper boundary of the channel down pattern and it has been trading below it (0.74) for a fifth consecutive week. The base scenario implies a short-term drop towards the 0.7120/70 mark where the 55-week SMA and monthly S1 rest at the moment. Success here would pave the way for extra selloff down to 0.61 until the end of 2016. Despite the fact that technical indicators are mixed and the SWFX sentiment is 56% long, the bullish scenario is unlikely. Only a spike beyond the monthly R1 and 100-week SMA at 0.76 would neutralise the current bearish outlook.
© Dukascopy Bank SA
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