AUD/CHF 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The previous guesses with respect to what pattern AUD/CHF is forming now seem to be invalid, as neither triangles nor wedges proved to be the case. The bullish channel fits the current picture better, even though for a prolonged period of time (between Feb 12 and Mar 12) neither of the trend-lines was tested. Right now the pair is in a downward correction, which should come to an end near the support line at 0.7468, which is reinforced by the long-term moving average at 0.7423. However, the bulls should be wary of a dense resistance area between 0.77 and 0.78, which consists not only of the up-trend and monthly R2, but also contains some of the most prominent lows in 2014.
© Dukascopy Bank SA
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