The Australian Dollar has been trading in a three-month ascending channel pattern against the Swiss Franc. The exchange rate bounced off its lower boundary on September 10 and followed by an upside wave.
The currency pair was trading near the bottom border of the channel pattern at 0.7170 during the morning hours of Friday’s session.
If the support level set by the lower boundary of the given channel holds, the currency exchange rate will aim at a resistance cluster formed by the weekly, the monthly PPs and the combination of the 50– and 100-hour SMAs at 0.7261.
However, technical indicators suggest that this advances might not happen immediately.
