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AUD/CHF Potential Upward Movement

AUD/CHF Long-Term Trend: Bullish

Key Resistance Levels: 0.69171, 0.69305, 0.69385.

Key Support Levels: 0.69048, 0.68992, 0.68881.

1-Hr Frame:

The price on the higher time frame could not continue its move to the downside and faced a strong resistance from the support near the 0.68880 CHF mark which led to the formation of the double top pattern. A reversal occurred and a series of higher highs and lows has been posted where further movement to the upside could be seen.

AUD/CHF Medium-Term Trend: Bullish

10-Mins Time Frame:

On the lower time frame, the buyers succeeded to break the bearish trend line to the upside after a double bottom formation. A lower correction has been posted to the support level to bring back liquidity before a new bullish impulsive wave toward the target profits.

Buy Market Order @ 0.69071             

Target Profit 1 @ 0.69190

Target Profit 2 @ 0.69309

Stop Loss @ 0.68952

Trade Safely 🙂

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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