The Australian Dollar has continued to trade in an ascending channel pattern against the Swiss Franc. This pattern was formed on September 17 and has guided the currency pair towards August 10 swing high of 0.7398 region.
The exchange rate was trading near a resistance level formed by the weekly R1 at 0.7325 during the morning hours of Thursday’s session.
If the resistance line holds, the AUD/CHF currency pair will make a brief retracement south towards a support cluster formed by the weekly, the monthly, and the 50-hour SMA at 0.7270.
On the other hand, if the rate passes that resistance level as mentioned above, the currency exchange rate will target the next resistance cluster at 0.7388.
