AUD/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Similarly to the situation in EUR/CHF, there is also a multitude of studies in favour of a weaker Swissie, including the six-day bullish channel and technical indicators. And just like in AUD/CHF, this currency pair is facing a major obstacle as well. Resistance at 0.7550 has been keeping the bulls at bay since the end of the previous year, and this means the upside risks are greatly decreased. Only if this level is breached, will the April high at 0.76 and last year's spring highs above 0.7650 become achievable targets. Otherwise a sell-off from the current levels and back to the weekly pivot point and the 200-hour SMA at 0.7410 seems to be a more likely scenario.
© Dukascopy Bank SA
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