The Australian Dollar has been appreciating in a medium-term ascending channel pattern against the Swiss Franc. This increased in price range began when the currency pair reversed from the lower boundary of a dominant descending channel at 0.6858.
The exchange rate tested a resistance cluster formed by the weekly PP and the combination of the 50– and 100-hour SMAs at 0.7237 during Wednesday’s morning hours. The common scenario would be a decline towards the lower boundary of the medium-term ascending channel at 0.7155.
However, a support level set by the 200-hour simple moving average at 0.7177 could prevent the price from hitting target today.
