Patterns: AUD/CHF, AUD/CAD

Dukascopy Bank Team Dukascopy Bank SA

AUD/CHF 4H Chart: Potential bullish sentiment

A one-month ascending channel has guided the Australian Dollar higher against the Swiss Franc. This upside wave started after the currency pair reversed from the lower boundary of the channel at 0.6874 on September 10.

Currently, a support cluster formed by the weekly, the monthly PPs and the combination of the 50– and 100-hour SMAs near the 0.7034 region was providing a significant support for the pair.

If this support cluster holds, the AUD/CHF currency exchange rate could target the next swing high at 0.7124 during the following trading sessions.

However, if the price breaches the cluster as mentioned earlier, the rate will aim at the bottom border of the channel pattern at 0.6993 within this session.

AUD/CAD 4H Chart: Surge in sight

A long-term descending channel has guided the AUD/CAD pair for the last four months. The given downside momentum has allowed the Australian Dollar to reach a new low level at 0.9105.

However, the currency pair bounced off its historically low level a few days ago, and presently trading above the 50-hour simple moving average at 0.9272.

Everything being equal, it is likely that the exchange rate continues its bullish momentum within this session. The potential target for the Aussie could be the next swing high at 0.9476 during the following trading sessions.

Although, it is important to note that a resistance cluster formed by the 200-hour SMA and the weekly R1 at 0.9333 could hinder the rate from hitting the target.

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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