• AUD/CHF has been under pressure but the bulls are pushing back.
• A downside extension will occur in AUD/CHF if USD/CHF bears step on the gas. 

As per the prior analysis, AUD/CHF Price Analysis: Bears stepping in for a breakout towards 0.6750, the pair has been sliding through the 0.67 handle and there could be more to go. 

The bearish fundamentals still stick up. CHF is a stagflation hedge and the Swiss National Bank will likely allow the currency to strengthen rather than raise interest rates. The Aussie is under pressure due to a dovish outlook. Meanwhile, we are seeing a bearish pennant on the hourly chart as follows:

AUD/CHF H1 chart

With that being said, the bulls are moving in on the Aussie in Asia and the USD is firming against the swiss franc. If the above scenario is to play out, then USD/CHF needs to be contained by the following resistance near 0.9260.