AUD/CHF 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
© Dukascopy Bank SA
Although the currency pair has formed a well-defined channel, further appreciation of the Australian Dollar is highly unlikely. At the moment, AUD/CHF is trading near the lower boundary of the pattern that was initiated in the first half of February. Accordingly, while there is a possibility of a short-term rally from 0.7350, the upside is to be limited by 0.7480, namely the upper boundary of the descending channel that connects highs and lows starting from the very beginning of 2012. The outlook for the Aussie is therefore strongly bearish, and we expect the rate to break the green up-trend and monthly R1 at 0.7350 in the nearest future. Below this support the price will be set to decline down to the weekly S2 and 200-period SMA at 0.7180/70.
© Dukascopy Bank SA
© Dukascopy Bank SA
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