AUD/CHF 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CHF price chart is currently being shaped by the channel that is forming within the channel we covered yesterday. The pair is expected to slide down to 0.7050/40 within this pattern, while staying capped by the red trend-line currently at 0.71. The negative outlook is also reinforced by the indicators, which are mostly pointing south. Once the price reaches 0.7050/40, however, the Aussie is likely to begin an upward correction, which should take the rate up to 0.7150, where it is expected to meet the upper boundary of a larger channel and the 200-hour SMA. A longer-term decline is also implied by the fact that the Australian Dollar is overbought—73% of positions are long.
© Dukascopy Bank SA
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