Patterns: AUD/CHF, AUD/SGD
|AUD/CHF 1H Chart: Upside potential
The Australian Dollar has been depreciating gradually against the Swiss Franc since the beginning of February. This movement has been bounded in the descending channel.
As apparent on the chart, the exchange rate has already reversed north from the lower channel line at 0.7050. From a theoretical perspective, the currency pair should target the upper channel line located circa 0.7160. Important resistance level to look out for is the monthly PP at 0.7142.
However, this advance might not be immediate as the rate is being pressured by the 55-, 100– and 200-hour SMAs, thus, the pair might decline to the weekly S1 at 0.7067 in the nearest future.
AUD/SGD 1H Chart: Falling wedge in sight
The AUD/SGD currency pair has been trading within the falling wedge pattern since the beginning of February.
Currently, the exchange rate is testing the upper wedge line located circa 0.9610. From a theoretical point of view, it is likely that the pair reverses south within the following sessions and targets the lower channel line located circa 0.9500.
However, if given pattern does not hold, it is expected that a breakout north occurs in the nearest future. A possible upside target is the psychological level at the 0.9640 mark.
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