AUD/CHF 1H Chart: Channel Up

Although at first there were good reasons to believe that AUD/CHF is going to continue respecting two parallel rising trend-line, eventually the rally turned out to be unsustainable. Still, the pattern may be used to estimate potential targets after a break-out. The first one is likely to be the weekly R2 level at 0.8148, but the exchange rate could drop even lower, down to the weekly R1 at 0.8114. However, neither the four-hour nor the daily technical indicators are in favour of such a scenario, most of them are currently giving ‘buy' signals. At the same time, the sentiment among the SWFX traders towards AUD/CHF is explicitly bullish, as 71% of open positions are long.