AUD/CHF 1W Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar has been recovering since last year's August, but now the outlook on AUD/CHF is heavily bearish. The currency pair has recently confirmed the upper bound of the four-year descending channel, and this implies a multi-quarter sell-off from 0.76 towards the lower trend-line of the pattern, which is currently at 0.58, but is likely to be tested much lower, around 0.55 francs. At the same time, while the daily and monthly technical indicators strengthen the view that the Aussie should weaken, the distribution between the bulls and bears does not favour a decline. As many as 71% of open positions are already short, meaning there is little room for new seller to enter the market.
© Dukascopy Bank SA
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