AUD/CHF Long-Term Trend: Bullish
Key Resistance Levels: 0.66631, 0.66990, 0.67847.
Key Support Levels: 0.65965, 0.65931, 0.64205.
Daily Time Frame:
The price on the higher time frame posted a throw over at the lower end of the channel where we can see free bars outside of this pattern signaling a sell climax and this led to a change in character of the trend from a downward one to an upward trend. Also, we have a breakout to the upside which happened along with an engulfing bullish pattern.
1-Hr Time Frame:
On the lower time frame, the price showed a Wyckoff accumulation near the strong support zone around the 0.65400 CHF mark which led to the buyers pushing the price to the upside. A correction has been posted near the resistance (now support) around the 0.66019 CHF mark which we expect a new impulsive wave after it.
Buy Limit Order @ 0.66019
TP 1 @ 0.66634
TP 2 @ 0.66990
Stop Loss @ 0.65715
Trade Safely 🙂