AUD/CHF faces major resistance

Note: This section contains information in English only.
Source: Dukascopy Bank SA


After finding support near the 0.5400 mark at the start of August, the Australian Dollar has managed to recover against the Swiss Franc. However, the ongoing recovery has stalled at the 0.5800/0.5825 range. Moreover, the pair faces more resistance above it.

In the case of a surge of the rate, the pair would have to break the 0.5800/0.5825 zone and the 50-day simple moving average. Although, if these levels are broken, the 200-day SMA and the 0.5860/0.5900 range are bound to provide additional resistance. Only if both of these resistance clusters are passed, the pair might aim for the 2024 high levels near 0.6100.

On the other hand, a decline seems more likely, as the pair has less support than potential resistance. The most immediate support holding the rate up is the 0.5690/0.5705 zone. If the 50-day SMA moves downwards, it could push the pair through this support zone. In this scenario, the rate would then decline more than 5.00% down to the 2024 low levels at 0.5365/0.5400.
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