Did you miss the neckline breakout on AUD/CHF?
If you are still hopeful about this, be sure to check out this ongoing quiz!
As you can see from the 4-hour chart below, the pair has pulled back to the previous neckline of the double bottom reversal pattern.
AUD/CHF for 4 hours Planned by TV
AUD/CHF is approaching the area of interest extending from 50% to 61.8% Fibonacci, just above the key psychological mark of 0.6000.
But what do the technical indicators say?
The moving averages are looking in favor of a continuation of the upside, as the 100 SMA is above the 200 SMA. The faster moving simple moving average is increasing its advance, indicating that the upward pressure is getting stronger.
Stochastic also signals oversold or exhausted conditions among sellers for some time, so buyers can take advantage of this and come back again soon.
In this case, AUD/CHF could find its way to the swing high at 0.6170 and beyond!
Just don’t forget that the Swiss National Bank recently announced a rate hike again this week, so there may still be room for the franc to rally.
Then again, the rise in risk appetite could strongly benefit the Australian dollar, especially if the RBA’s hawkish outlook starts to play out again.
