The Australian Dollar has been appreciating against the Swiss Franc after the currency pair bounced off the lower boundary of a seven-week ascending channel at 0.6850.
Presently, the exchange rate is trading near the bottom border of the seven weeks channel and the 200-hour simple moving average at 0.7011. If this support level holds, it is expected that the pair will aim for the upper boundary of the channel at 0.7173 during the following trading sessions.
If given resistance line holds, the currency exchange rate might make a reverse and move downward for a re-test of the lower channel pattern level at 0.7011.
