AUD/CHF 4H Chart: Double Bottom

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Judging by the recent behaviour of AUD/CHF, the decline that was started on Nov 20 seems to have ended. Following two distinct attempts (two bottoms) of the currency pair to violate the formidable support at 0.7815, it has just breached the neckline at 0.7995 and is already testing the resistance at 0.8096. This particular supply area consists of the weekly R2 and the 200-period SMA. Considering that this level is tough, the price may cease to advance, as implied by the weekly technical indicators. Still, the outlook is bullish and 74% of the SWFX market participants are presently holding long positions on the Australian Dollar relative to the Franc.
© Dukascopy Bank SA
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