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AUD/CHF Potential Upward Movement

AUD/CHF Long-Term Trend: Bullish

Key Resistance Levels: 0.68352, 0.68567, 0.68825.

Key Support Levels: 0.67872, 0.67610, 0.66650.

Daily Chart:

The price on the higher time frame managed to break the bearish channel to the upside after posting an engulfing bullish pattern near the strong support level which led to a reversal and a move to the upside. This shows that the buyers are in clear control of the market.

AUD/CHF Medium-Term Trend: Bullish

1-Hr Chart:

On the lower time frame, the price found buyers around the 61.80% Fibonacci retracement level which led to the breakout of the bullish flag pattern to the upside. We expect the market to continue its movement to the upside toward the next key resistance level.

Signal Idea:

Buy Stop Order @ 0.67901

TP 1 @ 0.68329

TP 2 @ 0.68567

Stop Loss @ 0.67681

Trade Safely 🙂

In many cases we manually use market orders instead of pending orders to trade the trading ideas we send you. This is higher risk, and you can decide if it suits your trading style.

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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