The bearish momentum that started early June has guided the AUD/CHF currency pair lower towards June 2017 low level at 0.7171. This mark 5.25% decreased in price during the past two months.
However, the exchange rate has reversed from the fourteen months low level and is gradually moving north. As a result, the pair has breached a strong resistance level formed by the 55-hour simple moving average and the monthly pivot point at the 0.7277 mark.
Everything being equal, it is likely that the currency exchange rate remains moving in the descending channel during the following trading sessions. Meanwhile, technical indicators flash strong sell signals on the daily time-frame.
