AUD/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CHF has recently managed to recover from 0.7075 with the help of the May lows and the 11-month up-trend, and this has led to emergence of the ascending channel. However, we should note that in April the currency pair confirmed the upper bound of the major bearish channel that has been forming since the beginning of 2012. Accordingly, even though the near-term outlook is positive, we do not see the price rising past 0.74. Another concern regarding the upside potential of the bullish channel is the fact that the Aussie is currently overbought—74% of positions are long. Nevertheless, there is a good chance that the rate will be able to rebound from 0.7170 and test the red trend-line at 0.7235.
© Dukascopy Bank SA
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