A one-month ascending channel has guided the Australian Dollar higher against the Swiss Franc. This upside wave started after the currency pair reversed from the lower boundary of the channel at 0.6874 on September 10.
Currently, a support cluster formed by the weekly, the monthly PPs and the combination of the 50– and 100-hour SMAs near the 0.7034 region was providing a significant support for the pair.
If this support cluster holds, the AUD/CHF currency exchange rate could target the next swing high at 0.7124 during the following trading sessions.
However, if the price breaches the cluster as mentioned earlier, the rate will aim at the bottom border of the channel pattern at 0.6993 within this session.
