- The market has been trading inside a bullish channel since the end of February ; the mid-term bullish.
- The bounce back over the 0.5915 zone has recently ended the very short-term corrective move. Since then, the market registered a bullish acceleration towards its last top at 0.5989. Both moving averages remains bullish, but the MACD indicator shows a short-term bearish divergence.
- The pair clearly remains in its mid-term bullish trend. Directionality is increasing as the negative correlation between AUD and CHF tends to grow. However, on the very short-term, it seems that the market is losing its momentum. With that in mind, it is possible that the market will register a limited pull-back, probably towards 0.5967 or 0.5950, before reaching new highs around 0.6011 and 0.6040.
Pierre Veyret, Technical Analyst at ActivTrades
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