Daily Forex Update: AUD/CHF
By: Dima Chernovolov
AUD/CHF continues to rise inside the Down Channel chart pattern, which was previously identified by Autochartist on the 4-hour charts. Autochartist rates the Quality of this Down Channel at the 5 bar level – which reflects the slow Initial Trend (3 bars), below-average Uniformity (4 bars) and significant Clarity (9 bars). AUD/CHF is expected to rise inside this Down Channel – continuing the earlier upward reversal from the price area described below.
As can be seen from the daily AUD/CHF chart below, both of the lower connecting points of this Down Channel formed when the pair reversed up from the support zone lying between the powerful, multi-month support level 0.7280 (which has been repeatedly reversing the price from 2016) and lower daily Bollinger Band. The proximity of this support area increases the probability AUD/CHF will continue to rise inside this Down Channel.
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