Swiss Franc Technical Analysis AUD/CHF

AUD/CHF TECHNICAL ANALYSIS

A sharp drop in the 11/26 session saw AUD/CHF break below 0.6700, a level that had been propping up price throughout November. This break to the downside has brought AUD/CHF back into a descending channel that supported prices earlier in the year. The sharp decline in the cross has seen the pair dip below 30 on the relative strength index (RSI), indicating that oversold conditions are currently present. Mean reversion traders may look for entry in the near-term, looking for the pair to retrace some of its sudden losses. Just below current prices, AUD/CHF may find support in the August low at 0.6513. Below the August low, price may find additional support in the lower bound of the descending channel.