The dominant pattern that has guided the AUD/CHF exchange rate for the last one year is a descending channel pattern. As apparent on the chart, the pair reversed from its upper boundary on December 3 and has since traded in a narrow channel down.
The Aussie is currently stranded between two important support and resistance areas. The pressure from both sides could force the pair to consolidate in a narrow range between their bounds.
If looking into the shorter term, a test of the bottom border of the narrow down channel at 0.6815.
