AUD/CHF 1H Chart: Reverses from senior channel
The bullish sentiment which started late in March has guided the AUD/CHF currency pair towards the upper boundaries of two channels circa 0.7510. This marks a 3.35% increase in price within the last three weeks. The Aussie has likewise breached a short-term ascending channel.
It seems that this may point to a continuous move south that is expected to occur within the following trading days. Important support is set by the 200-hour SMA and the combination of the weekly S1, the monthly PP and the 38.20% Fibonacci retracement near 0.7330.
Meanwhile, technical indicators are more bullish for this session, thus indicating that some slight upward correction is likely during the following 24 hours. The pair should be hindered near the 0.7490 mark where the 55-hour SMA, the senior channel and the 50.0% Fibo are located. In case this level is surpassed, the Aussie should not move above the weekly R1 and the 61.80% Fibo at 0.7540.
It seems that this may point to a continuous move south that is expected to occur within the following trading days. Important support is set by the 200-hour SMA and the combination of the weekly S1, the monthly PP and the 38.20% Fibonacci retracement near 0.7330.
Meanwhile, technical indicators are more bullish for this session, thus indicating that some slight upward correction is likely during the following 24 hours. The pair should be hindered near the 0.7490 mark where the 55-hour SMA, the senior channel and the 50.0% Fibo are located. In case this level is surpassed, the Aussie should not move above the weekly R1 and the 61.80% Fibo at 0.7540.