AUD/CHF Uptrend Remains Intact Amid Choppy Session
The AUD/CHF currency pair has been experiencing a choppy session on Monday, but remains in an uptrend. According to Christopher Lewis, technical analyst at DailyForex, this uptrend is expected to continue.
One key area of interest for the pair is the 0.5680 level, which was previously a resistance barrier and is now attempting to offer support. If the price breaks above this level, it could lead to a move towards 0.5725, and potentially even higher if that target is reached.
Short-term pullbacks in the pair have created buying opportunities near the 50-day EMA, which Lewis believes will help keep the uptrend intact. The Swiss National Bank's preference for a weaker Swiss franc and Australia's reliance on commodities such as copper and iron also support the uptrend.
Lewis emphasizes that this is a slow-moving pair, but notes that it has been in an uptrend for some time and is likely to continue seeing buyers on dips. He does not have any issue holding onto the currency pair until the price breaks down below 0.55.