AUD/CHF 1H Chart: Pair likely to test senior 0.7750
The Australian Dollar has appreciated substantially against the Swiss Franc since late November. This upward movement has been constrained in a channel up.
During the past week, the Aussie has failed to reach its upper boundary, thus pointing to a possible breakout south. A subsequent surge, however, might occur only within the following two weeks, given that the upper boundary of a senior channel circa near 0.7750 has not yet been reached.
Technical indicators suggest that the Aussie is likely to realise this upward potential during the following trading sessions. Some weakness might be apparent today; however, the combined support of the 55– and 100-hour SMAs located near the 0.7680 mark is expected to stop any further down-fall.
The nearest notable resistance is the monthly R1 and the weekly R2 at 0.7725.
During the past week, the Aussie has failed to reach its upper boundary, thus pointing to a possible breakout south. A subsequent surge, however, might occur only within the following two weeks, given that the upper boundary of a senior channel circa near 0.7750 has not yet been reached.
Technical indicators suggest that the Aussie is likely to realise this upward potential during the following trading sessions. Some weakness might be apparent today; however, the combined support of the 55– and 100-hour SMAs located near the 0.7680 mark is expected to stop any further down-fall.
The nearest notable resistance is the monthly R1 and the weekly R2 at 0.7725.
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