The Australian Dollar has depreciated significantly against the Swiss Franc since the beginning of June. The decline started after the currency pair hit strong resistance cluster formed by the weekly and the monthly PPs near the 0.7570 mark.
During the past week, the 55-, 100-, 200-hour SMAs has pressurized the AUD/CHF exchange rate further south, as a result, the pair has lost more than 170 base points or 2.34 percent.
Given that a breakout had occurred through the lower boundary of an ascending trend line, the currency exchange rate could begin a long-term journey south, targeting the bottom border of a dominant descending pattern.
