AUD/CHF 1H Chart: Channel Up

Source: Dukascopy Bank SA

Indicator 1H 4H 1D
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Sell
Stochastic (5; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

The Australian Dollar has shown some strength against the Swiss Franc for the last three weeks, thus resulting in the formation of a channel up. The starting period of this pattern was rather chaotic; however, it managed to form two distinctive peaks within the last five trading days. The direction of the last wave down is to the side, resembling a minor falling wedge. Technical signals of both patterns therefore indicate that the rate should bounce off the 0.7545 area and breach the wedge to the upside. This level is likewise reinforced by the 55-hour SMA located at 0.7551. Immediate resistance, however, is provided by the monthly R2 at 0.7602. Meanwhile, trend indicators have substantially decreased in strength, suggesting that in case the surge upwards is to continue, it may no longer be sustainable for more than a few trading days.

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