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AUD/CHF Potential Upward Movement

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 🙂

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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