AUD/CHF 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
As AUD/CHF has just bumped into the rising resistance line, the near-term outlook is bearish. The currency pair is expected to dip under the weekly R1 and keep descending until it finds support at 0.7080. In the one or two-week perspective, however, the Aussie is bullish. The price is likely to continue fluctuating with an upward bias within the boundaries of the pattern. Meanwhile, the pair is approaching the upper trend-line of the four-year descending channel in the weekly chart. Accordingly, any attempts of AUD/CHF to rally beyond 0.7450/00 should fail. Another argument against a prolonged recovery is the fact that the Australian Dollar is overbought—74% of open positions are long.
© Dukascopy Bank SA
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