AUD/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar is in a channel up pattern against the Swiss Franc, and at the moment the pair has reached the pattern's lower trend line at 0.7370 for the second time. The currency exchange rate is struggling with a support cluster made up of the before mentioned trend line, 100-period SMA at 0.7362 and the weekly S1 at 0.7380. However, the AUD/CHF pair has already fallen below the weekly S1. Daily aggregate technical indicators forecast, that the rate will decline for the next four hours, and later on it will go upwards. In addition, SWFX trader sentiment is bullish, as 62% of open positions are long. Moreover, 100% of pending orders in the 100-pip range are short. All these facts combined indicate, that the pair will still fall until it rebounds.
© Dukascopy Bank SA
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