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AUD/CHF Potential Upward Movement

AUD/CHF Long-Term Trend: Bullish

Key Resistance Levels: 0.68038, 0.69095, 0.69718

Key Support Levels: 0.67157, 0.66513, 0.65126.

Daily Chart:

The price on the higher time frame failed to break a strong support level around the 0.65126 CHF mark and posted a bullish engulfing pattern which led to a reversal and a move higher. The market is posting higher highs and lows and succeeded to break the bearish channel and the daily resistance around the 0.67157 CHF level which could lead to a further movement to the upside.

AUD/CHF Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the price is clearly in uptrend where higher highs and lows have been posted. The price left a correction count below the highlighted zone and move upward. A lower correction or retracement to this area could be seen before a new impulsive wave to the upside.

Signal Idea:

Buy Limit Order @ 0.67515

TP 1 @ 0.68028

TP 2 @ 0.69095

Stop Loss @ 0.67328

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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