AUD/CHF - strong weekly rejection from trend channel

AUD/CHF is moving within an extremely consistent descending weekly channel providing a comfortable overall bearish trend to follow for this currency pair. Price is currently at a strong level of resistance at 0.654 which it has failed to break through convincingly for several weeks. If it fails to do so again this week we will be looking to enter short with a target to retest the lower side of the weekly channel - at approx. 0.621.

Extra confluence and comfort is provided from the break to the downside of the daily ascending trend channel, which occurred at the end of July.

Beneath the current price point there is very little in terms of support that may hold back price when it drops.