© Dukascopy Bank SA
Being that there is a seemingly impenetrable resistance at 0.83, which has proven that on several occasions recently, AUD/CHF had no other choice but to decline. As a result, the currency pair formed a bearish channel.
Accordingly, the falling resistance line at 0.8184 should stay intact and continue to guide the Australian Dollar south. There is also an additional supply area at 0.8160, consisting of the weekly pivot point and 200-hour SMA. The bearish outlook at the same time is reinforced by the technical indicators on all the relevant time-frames. However, the sentiment towards AUD/CHF is strongly bullish—73% of open positions are long.
© Dukascopy Bank SA