AUD/CHF 1H Chart: Two patterns dominate
The Australian Dollar has been trading sideways against the Swiss Franc for the last two months. This movement is a part of a larger up-trend which started in March when the pair reversed from the senior channel circa 0.7250.
The rate is currently located near the senior channel. It is expected that the Aussie continues to move higher during the following days and approach the aforementioned senior channel at 0.7610.
Subsequently, the pair could lack the necessary momentum to breach this strong resistance level, especially if the current movement has been sideways, and thus let the bearish sentiment take over the rate. This long-term pattern is expected to hold for the following month, at least.
The rate is currently located near the senior channel. It is expected that the Aussie continues to move higher during the following days and approach the aforementioned senior channel at 0.7610.
Subsequently, the pair could lack the necessary momentum to breach this strong resistance level, especially if the current movement has been sideways, and thus let the bearish sentiment take over the rate. This long-term pattern is expected to hold for the following month, at least.
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