The AUD/CHF exchange rate has been trading within a descending triangle pattern since the end of August.
Given that the currency pair is pressured by the 55– and 100-period moving averages near 0.6570, it is likely that a breakout south could occur within the following trading sessions. The pair could re-test the support level—the Fibo 38.20% at 0.6433.
In the meantime, it is unlikely that bulls could prevail in the market, and the exchange rate could exceed the resistance level—the Fibo 50.00%, located at the 0.6695 mark.
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