AUD/CHF 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
On Feb 12 AUD/CHF stopped advancement short of hitting 0.82 and began to pare the gains it made during the first half of February. AUD/CHF has just bounced off the upper boundary of the corridor (currently reinforced by the weekly pivot point and the long-term moving average) and has already violated the 200-period SMA.
The exchange rate is therefore set to decline even further from here. The sell-off is likely to bring the price down to 0.7860 before there is a significant upward correction. Meanwhile, the distribution between the bullish and bearish market participants is heavily skewed towards the former, their share amounts to 71%.

© Dukascopy Bank SA
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