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Swiss Franc Technical Analysis: EUR/CHF, GBP/CHF, AUD/CHF

Swiss Franc Analysis, EUR/CHF, GBP/CHF, AUD/CHF – TALKING POINTS

  • EUR/CHF trading below new descending resistance channel after breaking away from another
  • GBP/CHF recovery from 1974-low may be cut short as the pair retest a critical inflection point
  • AUD/CHF may be in endanger of shattering slope of appreciation within the compression zone

EUR/CHF OUTLOOK

EUR/CHF appears to have broken out of one steep, descending resistance channel – labelled as “Downtrend Alpha” – only to enter another, less steep one. This is denoted as “Downtrend Beta”. If the pair fails to clear the latter, it could catalyze an aggressive decline, and if it breaks above resistance, its gains may be capped at former support-turned-resistance at 1.0610.

EUR/CHF – Daily Chart

Chart showing EUR/CHF

EUR/CHF chart created using TradingView

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GBP/CHF FORECAST

After breaking out of the compression zone – gold-shaded triangle – GBP/CHF plunged. Selling pressure did briefly stall at a key inflection point at 1.2126. This is where the pair is hovering now shortly after recovering from its weakest exchange rate since November 1974. If the pair surmounts 1.2126, bold price action may ensue, though it may be short-lived as GBP/CHF will then have to clear descending resistance (white-dotted line).

GBP/CHF – Daily Chart

Chart showing GBP/CHF

GBP/CHF chart created using TradingView

AUD/CHF TECHNICAL ANALYSIS

AUD/CHF has recovered over 10 percent after bottoming out to a record-low at 0.5587. However, the pair may soon retrace some of its recent gains if a compression zone forms between resistance at 0.6229 and rising support. If EUR/CHF clears the ceiling, it will then have to also breach another layer at 06353. Conversely, if resistance holds and the pair breaks below the slope of appreciation, that breach could inspire liquidation.

AUD/CHF – Daily Chart

Chart showing AUD/CHF

AUD/CHF chart created using TradingView

SWISS FRANC TRADING RESOURCES

— Written by Dimitri Zabelin, Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitriTwitter