AUD/CHF 1H Chart: Aussie consolidates after surge
The Australian Dollar has been trading in a channel up against the Swiss Franc since mid-November. After testing its upper boundary on January 11, the pair entered a period of consolidation prior to depreciating significantly during the previous week. The Aussie, however, did fall short of its bottom line when a rebound from the 0.7540 mark occurred last week.
Its positioning has not since changed significantly, as the combined resistance of the 55-hour SMA and the monthly and weekly PPs are restricting any advance above 0.76. This latest period of consolidation might indicate a soon breakout north. However, given the strength of the nearest resistance, upward momentum is likely to be limited today circa 0.76.
A possible target for this week could be the 0.77 level where the weekly R1 and the upper boundary of a medium-term channel are located.
Its positioning has not since changed significantly, as the combined resistance of the 55-hour SMA and the monthly and weekly PPs are restricting any advance above 0.76. This latest period of consolidation might indicate a soon breakout north. However, given the strength of the nearest resistance, upward momentum is likely to be limited today circa 0.76.
A possible target for this week could be the 0.77 level where the weekly R1 and the upper boundary of a medium-term channel are located.
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