AUD/CHF 1D Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Due to AUD/CHF's inability to sustain a rally beyond the 200-day SMA at the beginning of this year the value of the Australian Dollar relative to the Swiss Franc started to decline. However, until now its price has been consistently fluctuating between two parallel falling trend-lines, meaning there is a bearish channel being currently formed.
Based on this premise, the rate has just bounced off the upper boundary of the pattern and is now moving towards the support at 0.7489, where it is expected to commence an upward correction. SWFX market participants' sentiment, on the other hand, is strongly bullish—72% of open positions are long at the moment.
© Dukascopy Bank SA
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