AUD/CHF 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After a year of mostly consolidative movements, AUD/CHF almost touched the 2016 high of 0.7645 once again in January and then proved the levels to be unsustainable by starting a downfall and ultimately entering a small-scale channel down a few days ago. The pair is currently attempting the upper trend-line of the channel at 0.7505 and we will look for it to fail there and set the target around 0.7462, the bottom boundary instead. What shows, however, that bearish momentum is being lost, is the strong exit outside of the pitchfork lines and three of its parallels to the upside.
© Dukascopy Bank SA
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