AUD/CHF 4H Chart: Channel up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
AUD/CHF rose two percent over the last 12 days, establishing a decent uptrend that we do not expect to be broken in the nearest future. With the help of the 200-period SMA, the pair will be pushed higher – a forecast backed by the symmetrical triangle it has just broken as well as an upward channel established on the way north. We therefore expect the Australian Dollar to appreciate enough to touch the upper trend-line at 0.7449, encountering the weekly R1 and daily R3 cluster at 0.7440/1 on its way. Aggregate technical indicators foresee a bull trend continuation. While the exact opposite goes for trader sentiment – 72% of traders expecting gains form and appreciating Australian Dollar suggests the uptrend to be unsustainable.
© Dukascopy Bank SA
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