AUD/CHF 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Australian Dollar is trading in an ascending channel pattern against the Swiss Franc. A month ago, on February 22, the currency pair booked a new high level, which serves as a basis for the measurement of the Fibonacci retracement levels. The retracement levels are measured by connecting the February high level with the 2016 low level. Most recently the currency exchange rate rebounded against the 23.60% Fibonacci retracement level, which is located at the 0.7577 level. As a result the ascending channel formed. It is most likely set to guide the rate, as the Australian Dollar attempts to score new heights against the Swiss Franc.
© Dukascopy Bank SA
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