AUD/CHF near long-term resistance
The Australian Dollar has slightly appreciated against the Swiss Franc during the past month. This movement, in the result of which a short-term channel up was formed, is the last wave up of a senior ascending channel.
On September 20, the pair reached a long-term resistance at 0.7790 valid since early 2015. The rate has since reached the lower channel boundary and even slightly recovered.
Technical indicators suggest that the rate could still move upwards, possibly up to a resistance cluster set by the 55-, 200– and 100-hour SMAs and the weekly PP near 0.7710/20. Given that the yearly high is located in such a near distance, it is more likely that the Aussie fails to overcome this cluster, edges lower and breaches the bottom boundary of the junior channel near the 0.7700 mark.
In the long term, the rate is expected to approach the senior channel.
On September 20, the pair reached a long-term resistance at 0.7790 valid since early 2015. The rate has since reached the lower channel boundary and even slightly recovered.
Technical indicators suggest that the rate could still move upwards, possibly up to a resistance cluster set by the 55-, 200– and 100-hour SMAs and the weekly PP near 0.7710/20. Given that the yearly high is located in such a near distance, it is more likely that the Aussie fails to overcome this cluster, edges lower and breaches the bottom boundary of the junior channel near the 0.7700 mark.
In the long term, the rate is expected to approach the senior channel.
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