It's not pronounced from the throat like the German "ch" but otherwise it's as close as it gets.
It's a /k/ in all "-achs", e.g. "Dachs", "wachsen", "Flachs", exactly as in "bochs" the emulator (compare "boxen"), except across boundaries, e.g. "wachsam, wach-sam" (wakeful, at guard), or contractions, e.g. "[Meister seines].Faches/Fachs".