AUD/CHF 4H Chart: Fibonacci retracements dictate
In an effort to offer a breathe from the US Dollars surge, Dukascopy analysts took a look at the AUD/CHF currency pair.
In general the rate is highly volatile and there are no large or small scale trend lines to be drawn. Instead the currency pair is bouncing between large scale Fibonacci retracement levels.
Meanwhile, in the past month the Aussie has been making lower lows, as it has failed to pierce the 38.20% Fibo at 0.74 mark. That fact combined with the recent lower high levels has provided the opportunity to draw a speculative medium term channel down pattern.
If the rate passes the 0.73 mark, the next notable support should be only near 0.7250.
In general the rate is highly volatile and there are no large or small scale trend lines to be drawn. Instead the currency pair is bouncing between large scale Fibonacci retracement levels.
Meanwhile, in the past month the Aussie has been making lower lows, as it has failed to pierce the 38.20% Fibo at 0.74 mark. That fact combined with the recent lower high levels has provided the opportunity to draw a speculative medium term channel down pattern.
If the rate passes the 0.73 mark, the next notable support should be only near 0.7250.