Good day traders! The AUD/CHF currency pair is currently retracing higher within a larger bearish phase. This year’s August lows found support at a downward sloping channel line after which price retraced back to a previous level of support that turned into resistance at 0.6875.
Last month’s high was rejected from that level, but price found support at the center channel line and is currently heading towards November’s highs again.
A breakout above the 0.6875 level could drive price towards the 0.6954 level and most likely make it to the 0.382% Fib retracement level at 0.6994/0.7000.
Until next time, have a great weekend!