© Dukascopy Bank SA
The Australian Dollar in contrast to the Euro, has been appreciating against the Swiss Franc and now is shaping a channel up pattern that already is more than 200-bar long.
In the following hours, the disposition of the SMAs is likely to determine the pair's direction. In particular, the short-term SMA dived below the long-term one an hour earlier thus pushing the instrument to the south. Nevertheless, traders continued to support the bullish scenario – over 60% of all orders on the SWFX are to buy the pair.
© Dukascopy Bank SA