AUD/CHF has been decreasing during the last few weeks forming a channel down pattern on the 1H chart. The formation has 68% quality and 75% magnitude within 189 bars.
The price rebounded twice from the support level at 0.9332 and at 0.9296 respectively. Then the pair slowed near the resistance level around 0.9397, which increase the possibility of a bearish recoil. The Stochastic indicator tested its 80% area, showing that the pair is overbought, and a possible rebound is expected. If the price decreases, the first target for short traders could be around 0.9342, in the middle of the channel.
The present bias on the 4H chart remains bullish, while on 1D timeframe it is neutral. According to the trend-showing Alligator indicator, price may breach the resistance level at 0.9396. If the pair pierces this level, the initial target for bulls might be around 0.9451, where the previous local high stands.