AUD/CHF 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Aussie, by reversing its direction against the Swiss Franc, has established a channel up pattern following a breakout of a double down pattern. Previously the pair was in a channel down pattern until the currency exchange rate formed a double bottom pattern, which usually predicts and in this case confirmed a reversal of the trend. At the moment the AUD/CHF pair is located at 0.7335, and it is moving upwards to the patterns upper trend line around 0.7400, which is also strengthened by the monthly R1 and weekly R2. However, on its way there, the exchange rate is also set to struggle with the weekly R1 at 0.7359, and the rate is also possibly overbought, as 69% of open positions are long.
© Dukascopy Bank SA
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