The Australian Dollar has declined significantly against the Swiss Franc after reaching a high mark at 0.7556. The currency pair made a U-turn from the upper boundary of a dominant descending channel on June 7.
Currently, the exchange rate is stranded between the lower boundary of the dominant descending channel at 0.6873 and a resistance cluster formed by the 50-hour simple moving average and the weekly PP at 0.6934.
Everything being equal, it is likely that the AUD/CHF currency exchange rate continues to maintain a junior descending channel during the following trading sessions. The most realistic target for the pair could be a support cluster formed by the weekly and monthly PPs at 0.6820.
