Daily Forex Update: AUD/CHF
By: Dima Chernovolov
AUD/CHF continues fall 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 medium Initial Trend (6 bars), lower Uniformity (3 bars) and significant Clarity (8 bars). AUD/CHF expected to fall further inside this Down Channel – in line with earlier previous downward reversal from the resistance area shown below.
As can be seen from the daily AUD/CHF chart below, the pair recently reversed down from the combined resistance area lying between the pivotal resistance level 0.7270 (former strong support from June) and the 50% Fibonacci correction of the previous sharp downward impulse from the start of August. The proximity of this resistance area increases the probability AUD/CHF will continue to fall inside this Down Channel.
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