AUD/CHF 1H Chart: Two patterns dominate
|The Australian Dollar has been trading sideways against the Swiss Franc for the last two months. This movement is a part of a larger up-trend which started in March when the pair reversed from the senior channel circa 0.7250.
The rate is currently located near the senior channel. It is expected that the Aussie continues to move higher during the following days and approach the aforementioned senior channel and the monthly R2 at 0.7650.
Subsequently, the pair could lack the necessary momentum to breach this strong resistance level, especially if the current movement has been sideways, and thus let the bearish sentiment take over the rate. This long-term pattern is expected to hold for the following month, at least.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.