AUD/CHF 1H Chart: Channel Down

Due to recent developments and requests the Dukascopy Research Team has decided upon updating the outlook for the AUD/CHF currency pair. First of all it has to be noted that on Thursday a break out from the ascending channel pattern occurred, which caused the curiosity in the pair. It can be observed that the pair encountered a strong resistance level above the 0.7620 mark. That resistance forced the formation of a new descending channel pattern, which is headed at the moment to the support of the first monthly resistance level at the 0.7479 level. However, the currency pair has already begun a short term surge, as it has rebounded against the channel's lower trend line.