AUD/CHF 1H Chart: Guided by bullish channel
Following a month of consolidation, the Australian Dollar managed to gather enough momentum to break out of this range northwards. As a result, AUD/CHF formed an ascending channel, and it is gradually approaching the senior pattern located in the 0.7580/0.7600 area. It is expected that upside risks continue to prevail in the market during the following two weeks until the senior channel, reinforced by the monthly R2, is reached.
As apparent in the chart, the rate has struggled to move above the 50.0% Fibo retracement located at 0.7486 this week. Thus, the Aussie might go for a short-term correction south within the following trading sessions. A possible downside target is the upper boundary of the breached channel, the 200-hour SMA and the monthly PP circa 0.7360.
As apparent in the chart, the rate has struggled to move above the 50.0% Fibo retracement located at 0.7486 this week. Thus, the Aussie might go for a short-term correction south within the following trading sessions. A possible downside target is the upper boundary of the breached channel, the 200-hour SMA and the monthly PP circa 0.7360.
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