Daily Forex Update: AUD/CHF

By: Dima Chernovolov

AUD/CHF continues fall rise inside the daily Down Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 6-bar level – which is the result of the above-average Initial Trend (6 bars), low Uniformity (3 bars) and strong Clarity (8 bars). AUD/CHF is expected to fall further inside this Down Channel – in line with the recent breakout of the major support level shown below.

As can be seen from the daily AUD/CHF chart below, the price recently broke sharply through the strong, multi-month support level 0.7270 (which has been reversing the price from the start of February). This price level is acting as a powerful resistance level after it was broken. The proximity of this resistance level increases the probability AUD/CHF will continue to fall inside this Down Channel.

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