AUD/CHF 4H Chart: Channel Down

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Source: Dukascopy Bank SA
The Australian Dollar is trading against the Swiss Franc simultaneously in two descending channel patterns. The junior channel is a representation of the currency exchange rates bounce off from the combined resistance of the 200-period SMA and the upper trend line if the dominant pattern at 0.7670 level. The channel is heading into the support provided by the 23.60% Fibonacci retracement level at 0.7552, which is measured by connecting the 2016 low and 2017 high level. The retracement is most likely going to be passed, and the currency exchange rate will continue to its longer term goal. The goal is the up-trend line, which has provided support since the start of 2016.
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Thu, 06 Apr 2017 12:54:33 GMT

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