AUD/CHF 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie has mostly appreciating versus other major currencies since the beginning of the year, adding more pressure on the RBA. The AUD/CHF cross has even formed a 312-bar long channel up on the 4H chart. On Wednesday the pair has performed a 120-pip rally to the downside, with the price penetrating weekly S1 at 0.8201. The next target will be hard to breach without any strong bearish bias, as just slightly above 0.81-mark there is a bunch of support level, including daily S2-S3, recent low as well as 200-period SMA. Furthermore, market sentiment is bullish (71%), while aggregate technical indicators on a 4H chart are sending ‘buy' signals.
© Dukascopy Bank SA
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