AUD/CHF formed an interesting SHS pattern and broke below the neckline. The right shoulder retraced at 61.8% of the previous impulse move, while the head represents the high of a price correction that retraced at 78.6% of the previous larger impulse move.
The pair is trading in an overall downtrend and in the upper half of the channel, which also signals the potential for further weakness in the pair.
The Australian dollar got hit hard recently on reports that a rate cut may be on the table and trade tensions that hover like a dark cloud above China. The Swissy is doing quite well on the other side, with Switzerland (non-EU state) in the process of getting a trade deal with the UK after Brexit.
The pair is trading in an overall downtrend and in the upper half of the channel, which also signals the potential for further weakness in the pair.
The Australian dollar got hit hard recently on reports that a rate cut may be on the table and trade tensions that hover like a dark cloud above China. The Swissy is doing quite well on the other side, with Switzerland (non-EU state) in the process of getting a trade deal with the UK after Brexit.
