The Aussie has been trading in an ascending channel against the Swiss Franc since early December. After hitting its upper boundary on January 22, the currency exchange rate started to depreciate notably during this past weeks.
The AUD/CHF pair has continued to maintain its channel down and could be heading to a speculated target of the monthly pivot point at 0.71.
Technical indicators favour a further decline for the Aussie . In addition, traders should watch out for a likely breakout from the lower boundary of the descending channel.