Patterns: AUD/CHF, AUD/CAD
|AUD/CHF 4H Chart: Remains near 0.7325
The Australian Dollar has continued to trade in an ascending channel pattern against the Swiss Franc. This pattern was formed on September 17 and has guided the currency pair towards August 10 swing high of 0.7398 region.
The exchange rate was trading near a resistance level formed by the weekly R1 at 0.7325 during the morning hours of Thursday's session.
If the resistance line holds, the AUD/CHF currency pair will make a brief retracement south towards a support cluster formed by the weekly, the monthly, and the 50-hour SMA at 0.7270.
On the other hand, if the rate passes that resistance level as mentioned above, the currency exchange rate will target the next resistance cluster at 0.7388.
AUD/CAD 4H Chart: Moving towards resistance cluster
The Australian Dollar has increased its trading range significantly against the Canadian Dollar. The bullish sentiment began after the pair reversed from a low level of 0.9100 on October 10.
The exchange rate breached a resistance level formed by the weekly R1 at 0.9609 during the morning hours of today's session.
It is expected that the AUD/CAD currency pair continues its bullish momentum today and could target the upper boundary of an ascending channel at 0.9675 within this session.
If the resistance line formed by the upper boundary of the ascending channel holds, the currency exchange rate will make a brief retracement down towards the 0.9550 mark.
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